What Does Your Digital Estate Consist Of?
You may be surprised to learn that one software company valued the average American’s digital estate at about $50,000. What is a part of your digital estate and how can you protect it to ensure it doesn’t just disappear when you die? Let’s look at how the state of California’s regulations and some good estate planning can preserve your digital estate.
What Is a Part of Your Digital Estate?
A digital estate consists of a number of components including things like:
- Online Accounts – This includes social media accounts as well as email accounts
- Digital Purchases – For example, movies, music, games, books, apps, etc.
- Financial Accounts – This would include PayPal and other forms of online banking
- Cloud Storage – This includes OneDrive, Google Drive, Dropbox, iCloud, and more
- Personal Memorabilia – For example, photos and videos that have been stored electronically
- Business Assets – This may include a website, blog, Etsy store, or eBay store
- Online Currency – At the time of this writing, one Bitcoin was worth $7,418
How California Law Helps
California is one of the few states to have passed legislation regarding digital assets. Under the bill known as RUFADAA, your trustee or personal representative can gain access to your online assets after you pass even though these are protected while you are alive by the terms of service of most companies. This allows someone who has power of attorney, a trustee, or an executor to distribute your online assets.
Planning for the Future of Your Digital Estate
RUFADAA only helps a person who has taken the initiative to execute an estate plan of some sort. To help you designate a power of attorney or trustee, contact the experienced estate planning lawyers at Petrov Law Firm. We’re helping Southern California residents to prepare for the future. Call 619-344-0360 to get started now.