How Digital Assets Can Cause Disputes in Your Florida Probate
Most people think about family members fighting over money and other tangible assets of value when someone passes away. However, there’s another type of asset that could hold significant value and is sometimes overlooked in estate plans — the digital asset. Digital assets can be valuable in several ways. For some assets, the value may be sentimental whereas other digital assets may hold significant financial or commercial value.
Either way, if you don’t include a plan for your digital assets, it could cause disputes and arguments during probate. If there is a dispute related to a Will or Trust, you need the expertise of a Florida Estate and Trust litigation attorney.
What are Digital Assets?
Digital assets are things that are virtual property. A recreational vehicle is a physical asset as it’s tangible personal property. Photos that you’ve taken for your job as a wedding photographer, which are stored solely online, would be digital assets. Many people work online, have blogs, websites, sell products online, etc.
With the changes in technology, the ways people make money continue to evolve. You could have someone who owns a physical corporation valued in the six-figure range that is worth the same as a popular blogger’s website. The blogger may earn the same amount through endorsements, ads, sponsorships, affiliate marketing, and more.
Instagram is an important platform to mention. While Instagram may not be around in 20 or 30 years, you need to include it in your estate plan, especially if you make money through your account or use it to drive business to your other websites, social media, etc. Not including it in your estate plan because it “might” not be around when you pass away is not smart estate planning. If your Instagram has value, it could result in ugly feuds between family members who fight to gain control.
Add a Digital Executor to Your Florida Estate Plan
Unfortunately, people forget about digital assets and do not always include them in their estate plan. You need to address your digital assets and name a digital executor. This should be a separate person to handle only your digital estate. This is especially important if you have sensitive information online that you don’t want your family to ever see. Choosing a digital Executor can keep your digital assets more separated from your main life.
Determining who gets what of your digital assets may seem taxing, but it’s an important part of your overall estate plan. Sometimes the sentimental value of digital assets can lead to far more disputes than the ones that have more financial value. Carefully decide how you want your digital estate to be handled. This will give you peace of mind now and help keep your family from feuding after you die.
Contact a Florida Estate and Trust Litigation Attorney
If you need assistance with a dispute related to a Trust or Will, contact skilled Pompano Beach estate & trust litigation attorney Mark R. Manceri today to schedule an initial consultation.