Click here to view original web page at Viable Solutions to the Digital Estate Planning Dilemma: New Law Review Article
Abstract: Countless persons are dying with out correct digital estate plans in place, leaving billions of dollars of belongings unaccounted for within the digital world. This is happening partly due to people are sometimes unaware that conventional property planning instruments and strategies, equivalent to wills, are ailing-outfitted to deal with the distinctive challenges of digital estate planning. As a consequence, the vast majority of the Americans are vastly unprepared for the digital afterlife, unintentionally foregoing digital estate planning altogether and leaving their belongings trapped in digital purgatory.
With the continuing progress in our reliance on expertise, interplay by way of social media, digitization of particular person’s property, and additional development of recent Internet applied sciences, the quantity and worth of our digital belongings are rising exponentially. In response to this rapid want for digital estate planning and administration of digital belongings, some companies started to supply their customers the flexibility to plan for the disposition of their digital belongings upon their demise. However, because of the novelty of this space of legislation, the enterprise options presently afforded usually depart extra questions than solutions about what occurs to the person’s digital belongings, increase considerations about privateness and safety, and increase disputes over their total effectiveness within the property plan. This Essay examines the significance and growing prevalence of digital belongings, discusses the challenges going through conventional property planning within the rising world of digital property, and suggests a workable technique for the creation of a properly-developed and manageable digital estate plan.
Jamie Patrick Hopkins
Ilya Lipin
Abstract: Countless people are dying without proper digital estate plans in place, leaving billions of dollars of assets unaccounted for in the digital world. This is occurring in part because of individuals are often unaware that traditional estate planning tools and techniques, such as wills, are ill-equipped to handle the unique challenges of digital estate planning. As a result, the majority of the Americans are vastly unprepared for the digital afterlife, unintentionally foregoing digital estate planning altogether and leaving their assets trapped in digital purgatory.
With the ongoing growth in our reliance on technology, interaction via social media, digitization of individual’s property, and further advancement of new Internet technologies, the amount and value of our digital assets are growing exponentially. In response to this immediate need for digital estate planning and management of digital assets, some businesses began to offer their users the ability to plan for the disposition of their digital assets upon their death. However, due to the novelty of this area of law, the business solutions currently afforded often leave more questions than answers about what happens to the individual’s digital assets, raise concerns about privacy and security, and augment disputes over their overall effectiveness in the estate plan. This Essay examines the importance and increasing prevalence of digital assets, discusses the challenges facing traditional estate planning in the growing world of digital assets, and suggests a workable strategy for the creation of a well-developed and manageable digital estate plan.
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