Modern estates no longer consist only of houses, vehicles, and bank accounts. In today’s world, many individuals also own virtual assets. Because these assets are often tied to passwords and platform rules, heirs may face challenges in accessing or managing them after a death.
If these accounts are not included in a well-structured plan, families could encounter delays, disputes, or financial setbacks. Addressing digital assets in Staten Island ahead of time helps ensure it is managed according to your wishes. A probate attorney could guide you through the process of protecting both your online and traditional assets.
Digital assets are property that exists in electronic form. This category is broad and might include:
Even reward programs, like loyalty points or frequent flyer miles, may qualify.
New York law recognizes the importance of these assets. Some of these virtual items carry financial value, while others hold profound sentimental meaning for Staten Island families. The Surrogate’s Court Procedure Act and the Estates, Powers and Trusts Law provide a framework for handling them. Federal laws such as the Stored Communications Act limit unauthorized access to electronic communications. That means heirs cannot simply log in to accounts without proper authority.
Estate planning has evolved to meet the demands of the digital era. Wills, trusts, and powers of attorney can now include directions on how virtual assets should be managed. New York has enacted the Revised Uniform Fiduciary Access to Digital Assets Act, which grants individuals the authority to give executors or trustees explicit permission to access online accounts. This legal authority ensures that estate representatives can act without violating privacy restrictions or terms of service.
Overlooking digital property can create real problems in Staten Island probate or Surrogate’s Court proceedings. Executors may be unable to gather records, and valuable accounts could be lost entirely. Taking the time to document digital holdings and legally authorize access helps protect both your financial interests and personal memories. It gives your representatives the tools they need to carry out your instructions, whether that involves transferring cryptocurrency, closing accounts, or preserving online files for your family.
Digital assets in Staten Island deserve the same level of attention as physical property. At The Law Offices of Louis P. Lepore, we could help you prepare a plan that accounts for online accounts, financial platforms, and digital records under New York law. If you are ready to start planning, contact us today. We could explain your options, answer your questions, and develop a strategy tailored to your needs.
(718) 354-8646