When you think about your estate plan, you may be surprised to learn there are several important assets you may not have included in your plan. If you have an online presence or any digital accounts, you’ll want to take into consideration that these are considered assets and should be planned for. One common question that arises regarding digital assets is whether or not they are subject to probate. If you want to learn more about these matters, keep reading to learn why connecting with a Pasco County, FL probate lawyer is imperative in these matters.
What Are Digital Assets?
Digital assets are any property you own that exists in a digital manner. They may or may not have an economic value attached, but they are still considered a part of your estate plan and must be handled accordingly.
Digital assets include things with an attached monetary value, such as the following:
- Online bank accounts
- E-commerce stores
- Rewards and loyalty points
- Cryptocurrency
- Non-Fungible Tokens (NFTs)
However, digital assets can also carry sentimental value that must be taken into consideration during probate. Other assets include photos, emails and music libraries.
Are These Subject to Probate?
Like all assets held in your estate, your digital assets will be subject to probate. However, these matters can be incredibly complicated due to the digitized nature of these assets. Unlike physical property, which is often governed by a central entity, things like cryptocurrency and NFTs are decentralized. Essentially, this means there is no singular authority overseeing these assets. As such, it can pose challenges when probating your estate, as determining the value of these assets can be difficult.
In addition, taking time to carefully name a digital executor is critical, as the entire probable process can be held up if you fail to do so. This is because your personal representative must file a petition through the Florida Probate Court to uphold the Fiduciary Access to Digital Assets Act to access your digital assets. As such, the probate process will take even longer to navigate as you must wait for the court to grant access to proceed with and eventually close out probate.
If you have not done so already, taking the time to inventory your digital assets and create a list of passwords and security question answers can help make the process easier for your digital executor during probate.
If you have been charged with overseeing the digital assets of a deceased loved one, this can be an incredibly complicated process. As such, it’s imperative to connect with an experienced attorney from the Law Offices of Matthew J. Jowanna, P.A. Our team understands how complicated these matters can be which is why our firm will do everything possible to assist you. Contact us today to learn how we can help you navigate these challenging times.