Digital Asset Planning Is Essential
Since 2005, the percentage of American adults who have a social media account has increased from 5% to 69%. On average, internet users have 7 social media accounts (up from 3 in 2012). And that number doesn’t include other digital assets individuals may accumulate in their lifetime: emails, bitcoins, domain names, photos, etc.
As people invest more information about their activities, health, and collective experiences into digital media, the legacies of digital lives grow increasingly important. But because online service
policies are as different as snowflakes, each having a different policy for obtaining digital assets, attorneys and heirs face an increasing burdensome, time consuming, and emotionally straining endeavor in obtaining what could be highly sentimental effects or important financial assets.
Faced with this daunting task, numerous attorneys have adopted a well-intentioned, but misguided approach of telling clients to share their passwords with their spousesor likely heirs. By doings so, attorneys are potentially breaking the law. Furthermore, their recommendations to clients to keep their passwords and account information in a safe location or take other precautionary measures are unlikely to save their clients or themselves from federal or state prosecution. Below is a link to the 16 page whitepaper.
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