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– Today, we’re gonna talk about digital assets and what exactly they are. Let’s jump right in. Did you know digital assets are part of your estate? Now, don’t worry if you didn’t consider digital assets part of your estate when you made your will or trust. Most folks don’t think about it. So, first, what is a digital asset? They include your photos, yes, all of those selfies are digital assets; files stored in the cloud or on your local computer, virtual currency, like Bitcoin; the websites you own, Facebook, Instagram, YouTube, and all your social media profiles; backups on Google Drive or iCloud or Google Photos, digital business documents, and some digital things, stuff that we haven’t even thought about yet. These assets can have real value. We had a client, or we have a client, that started their own company six years ago. Now, at the time she started her company, she bought her domain name, also known as a website, and she probably paid around $10 on GoDaddy, not sponsored, for the name of her website. Well, she has been fairly successful, and a recent audit showed that just the name of her website, not including any of the content, we are just talking about the name of her website is now, six years later, worth over $5,000. So, digital assets are now something you really need to think about. Whether you want to think about it or not, your estate now includes your digital assets, just like family heirlooms and family photos. You know, in the not too distant past, we would all keep photo albums. When someone went on vacation, when they got back, they usually would have people over for dinner to view their vacation photos, or, sometimes, even a slideshow. Do you remember those days? I do. Now we all do this instantly on social media, and share our videos on YouTube. So, here are three items to think about and to review. First, inventory your digital assets. Make a list of every online account that you use. If you run a business, don’t forget spreadsheets, digital records, client files, databases, and other digital business documents that you have. If it exists on the internet, connects to, or pertains to the internet, put it on the list for your attorney and your trustee. Second, designate a cyber successor trustee. Just like I always tell you to put a lot of thought into your successor trustee and your power of attorney, your cyber trustee should be someone who you also trust implicitly. Remember, when we are talking about estate planning nowadays, we are not just talking about what happens when someone passes away. The big concern is what happens when you are living and possibly incapacitated. You still have all these digital assets. So, we need to make certain that your cyber trustee has access to all of your accounts, and can act on your behalf in regards to these digital assets. Third, make a digital plan. You may want to put some of your digital assets into a trust, or even include specific access in a power of attorney document. So, you should consult with an estate planning attorney to determine the best way to determine your successors, trustees, and your beneficiaries of your digital assets. Just like the example that I gave earlier of a website that increased from $10 to $5,000, today, your digital assets have real value, and that value does not necessarily need to be monetary. Remember, we don’t keep paper photo albums anymore or store our vacation videos on a shelf on a VHS tape anymore. We, you, might want your family to have access to your Facebook profile or your Google Photos so that they can download their family legacy. If you have any questions, then please don’t hesitate to give us a call for a free consultation. The worst thing you can do is nothing at all. If you got value today, then please do me a favor and hit the Like button below; I would really appreciate it. And to get you started, please download our Estate Planning Strategies Guide. I’ll put a link in the description section below and also in the comment section. Well, that’s all for today. Have a great day, and as always, have an awesome week. Thanks for watching, and we’ll see ya again next time.
 
SPANISH:
– Hoy hablaremos sobre los bienes digitales y que son exactamente. Vamos a ello. ¿Sabías que tus bienes digitales son parte de tu patrimonio? No te preocupes si no consideras los bienes digitales como parte de tu patrimonio cuando hiciste tu testamento o trust. La mayoría de la gente ni lo piensa. Primero, ¿qué es un bien digital? Incluyen tus fotos, sí, todas tus selfies son bienes digitales, archivos guardadas en la nube o en tu computadora, dinero virtual, como Bitcoin, tus propios sitios web, Facebook, Instagram, YouTube y todos tus perfiles de redes sociales, respaldos en Google Drive o en iCloud o Google Photos, documentos de negocios digitales y algunas cosas digitales, cosas que quizás aún ni hemos pensado. Esos bienes pueden tener un valor real. Tuvimos una cliente, o tenemos una cliente que empezó su propia compañía hace seis años. Cuando empezó su compañía, ella compró su nombre de dominio, o el sitio web, y probablemente pagó como $10 en GoDaddy para el nombre de su sitio web. Bueno, ella ha sido muy exitosa y en una auditoria reciente apareció que solo el nombre de su sitio web, sin incluir el contenido, hablamos solo del nombre del sitio, ahora, seis años después, vale mas de $5,000. Los bienes digitales ahora son algo en lo que se debe pensar. Ya sea que quieras pensar en ello o no, tu patrimonio también incluye tus bienes digitales, como las reliquias y fotos familiares. ¿Sabes? En el pasado no tan distante, las guardábamos en álbumes de fotos. Cuando alguien se iba de vacaciones y volvían, usualmente invitaban a la gente a cenar para que vieran sus fotos de vacaciones o, a veces, una proyección de ellas. ¿Recuerdas esos tiempos? Yo sí. Ahora hacemos eso de forma instantánea en las redes y compartimos nuestros videos en YouTube. Aquí te dejo tres cosas en que pensar y revisar. Primero, haz inventario de tus bienes digitales. Haz una lista de cada cuenta en línea que uses. Si haces un negocio, no olvides las hojas de cálculo, registros digitales, archivos de clientes, bases de datos y otros documentos digitales de negocios que tengas. Si existe, se conecta o tiene que ver con Internet, ponlo en la lista para tu notario y administrador. Segundo, designa un ciber heredero. Siempre he dicho que pienses cuidadosamente en tu heredero y tu poder notarial. De la misma forma, tu ciber heredero debe ser alguien en quien confíes implícitamente. Recuerda, cuando hablamos sobre planear de tu patrimonio, no solo hablamos de lo que ocurre cuando alguien fallece. La preocupación mas grande es la que ocurre cuando sigues vivo y quedas posiblemente discapacitado. Aún tienes todos esos bienes. Así que necesitamos asegurarnos que tu ciber heredero tenga acceso a todas tus cuentas y pueda actuar en tu nombre con respecto a esos bienes. Tercero, haz un plan digital. Querrás listar algunos de tus bienes digitales en un trust o incluso especificar acceso en un documento de poder notarial. Así que deberías consultar con un abogado de manejo de bienes para determinar la mejor forma de determinar herederos, sucesores y beneficiarios de tus bienes digitales. Al igual que en el ejemplo que di antes del sitio web que aumentó de $10 a $5,000, tus bienes digitales tienen un valor real, y ese valor no necesariamente es monetario.k Recuerda, si ya no tenemos nuestros álbumes de fotos o guardamos nuestros videos de vacaciones en un estante en una cita VHS. Nosotros queremos que tu familia tenga acceso a tu perfil de Facebook o tus fotos de Google para que puedan descargar el legado familiar. Si tienes alguna pregunta, por favor no dudes en llamarnos para una consulta gratis. Lo peor que puedes hacer es no hacer nada. Si recibiste algo de valor hoy, por favor hazme un favor y presiona el botón del Like. Lo apreciaría mucho. Y para comenzar, por favor, descarga nuestra Guía de Estrategias de Planeación de Patrimonio. Dejaré un enlace abajo, en la descripción y también en los comentarios. Bueno, eso es todo por hoy. Que tengan un gran día y, como siempre, tengan una asombrosa semana. Gracias por mirarnos. Nos vemos en la próxima.

social_media_cortes_law_firm, Cortes Law Firm Oklahoma City Estate Planning AttorneyCortes Law Firm Oklahoma City Estate Planning Attorney – There’s an entire category of commonly-overlooked legacy to consider – digital assets. Don’t worry if you didn’t consider these assets when made your will or trust – it’s surprisingly common and, luckily, easy to correct.

What are digital assets? They include:

  • your photos (yes, all those selfies are a digital asset),
  • files stored in the cloud or on your local computer,
  • virtual currency accounts,
  • URLs,
  • social media profiles (Facebook, LinkedIn, etc.)
  • device backups,
  • databases,
  • digital business documents, and
  • because technology is ever-evolving, much more will be added as the months and years go by.

These assets can have real value, such as virtual currency accounts, a URL, or digital business assets. So, you can no longer adopt a wait-and-see approach for these assets. Whether you proactively plan or not, your legacy now includes more than the inheritance you want to pass along, your family heirlooms, and general assets. You must now consider your digital assets. Its also important to consider your eCommerce solutions when thinking about digital assets, FastSpring (https://fastspring.com/products/back-office/) I hear they provide a great service for eCommerce support and a 360 support digital business support.

So, here are 3 tips to get you started.

  1. Inventory your digital assets. Make a list of every online account you use. If you run a business, don’t forget spreadsheets, digital records, client files, databases, and other digital business documents, although those should probably be part of your business succession plan. If it exists in cyberspace, connects to it or pertains to it, put it on the list for your attorney and executor.
  1. Designate a cyber successor. A cyber successor is someone you trust who can access your accounts and perform business on your behalf after you are gone or in the event you are incapacitated. Make sure they can access your accounts in a timely manner. Safeguard your list, so that it doesn’t end up being vulnerable to unauthorized access, identity theft, data loss, or worse.
  1. Determine the necessary documents for your estate, and make a record of your wishes. You may want to put some of your digital assets into a trust or even include specific access in a power of attorney. Consult with an estate planning attorney to determine the best way to determine your successors, trustees, and beneficiaries, and then make sure the right documents or designations are in place so access can be made when it’s needed. The laws in this arena are evolving, so any planning you’ve done in the past probably needs an update.

Potential Pitfalls of Cyber Estate Planning

Call us today for an estate planning consultation at 405-561-2737.  The worst thing you can do is nothing. This could result in the loss of digital family photo albums, disruption of your business if you’re incapacitated, or worse. If this process feels daunting or you’re still not sure where or how to start, give us a call. We can help you identify, track, and protect your digital assets to give you peace of mind.

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