We live in a digital world where paperwork is becoming a thing of the past. In fact, many people in the Chicago area routinely receive and pay their bills online, and they don’t have to write checks or send off payments in the mail. Most correspondence is done electronically today, and it’s possible to store important papers and documents in the cloud where they are safe from theft or damage. You may collect a lot of digital assets during your lifetime, so what happens to them when you leave this world or you can’t make your own decisions? Algonquin trusts & estate lawyers are there to help.
What Are Digital Assets?
Digital refers to anything that’s been turned into numbers. Why turn information into numbers? Computers language is all about zeros, number ones, and number twos. Digitizing makes it possible to store a wide range of information, including images and videos. Just about everyone, including Algonquin trusts & estate lawyers, use digital media daily.
All your private and sensitive information is protected with usernames and passwords that only you know. This includes PIN numbers to bank accounts. If something happens to you and you’re next of kin needs to access this information, it must be available to them.
Digital assets are defined as information you own and protect. This includes all the online membership info for social media networks, file storage services, websites, and login information for bank accounts and financial assets you own.
A digital asset can be extremely valuable because someone could use this information to withdraw cash from a PayPal or checking account or apply for credit. That’s why it’s so important to see Algonquin trusts & estate lawyers. They’ll explain the entire process of protecting your digital assets and taking care of your loved ones after you are gone.
If you would like to know more about digital asset estate planning, come to the Algonquin trusts & estate lawyers at Jackson Abdalla Law Group. For information about a free consultation, visit our home on the Web today .
