Digital Assets

How to Organize Digital Assets for Houston Estate Planning Purposes

Published on: December 18, 2020 | By McCulloch & Miller, PLLC

Individuals are normally told not to share their passwords with anyone for security purposes; however, there is one important exception. Individuals should make sure they have shared their passwords with a loved one, in case of their death. Doing so can be critical, as digital assets have become more and more prominent. People store important information online now, with no recourse if the person dies without giving someone else permission to access their digital information after their death. Below are some tips that individuals can use – either when crafting their Houston estate plan or afterward – to ensure their digital assets are not lost after their passing.

Creating a Digital “Vault”

Estate planning advisors will often tell their clients to create a drive or “vault” to store important documents and information. This can include estate planning documents, copies of personal identification, credit card information, and mortgage paperwork. Individuals should also include their digital login information and passwords too in this drive, so estate executors and loved ones have the ability to access it.

Managing Digital Assets in Your Houston Estate Plan

Published on: July 1, 2020 | By McCulloch & Miller, PLLC

Traditionally, a Houston estate plan has primarily focused on the distribution of tangible property upon a person’s death. However, now that we are firmly in the digital age it is important for everyone to consider how digital assets should be addressed in an estate plan. Digital assets and information include just about anything that is primarily accessed through a digital platform. Examples include social media accounts, email accounts, photos and videos stored on a computer or in the cloud, online banking and investment accounts, and even cryptocurrency.

How do Digital Assets tie into your Estate Plan?

It is important to spell out how such assets and information should be treated within an estate plan. Those who do not have a will leave their loved ones and estate administrators with no access to them. This could result in the permanent loss of data and information stored on an electronic device. With all of the memories we capture and store using our phones, that could be the equivalent of losing years’ worth of family memories. Perhaps even more alarming is the prospect of losing access to financial accounts that are primarily accessed through online banking. If an estate plan is silent about such assets, loved ones may have to put up with the headache and added expense of getting a court order just to access a decedent’s digital accounts and information.

Don’t Forget to Include These Three Items in Your Will

Published on: February 4, 2020 | By McCulloch & Miller, PLLC

A will or trust explains what you want to have happen to your assets when you die, hopefully in a very, very long time. While most people understand that a will explains what to do with money, property, and children, there are other parts you might be surprised by.

MSN’s recent article entitled “3 surprising things you might not think to include your will” tells about three things to include in your will that you may not have thought about before.

Yes, You Really Do Need A Will

Published on: August 5, 2019 | By McCulloch & Miller, PLLC

A will serves several purposes. It gives you the power to distribute your possessions, according to your own wishes. It also lets you name who should take care of your children, if they are minors when you die, and of your pets, if you provide for them in the will.

Just because your wealth isn’t measured in billions, doesn’t mean you don’t need a will. Without one, explains Yahoo Finance’s recent article, “Do You Really Need a Will?” you’ll have no say in what happens once you pass away. There may also be less for your heirs to inherit. There will also be more legal costs and stress.

Each state has laws that pertain to the distribution of a person's estate, if they die without a will. These laws most likely won’t mesh with your personal desires. If you don't have a will, ask yourself why you don't. Perhaps you think you don't need one. However, more than likely you do. If you're putting off starting this important estate planning task, here are some things to consider.

Digital Assets and Your Estate Plan

Published on: July 3, 2019 | By McCulloch & Miller, PLLC

Digital property needs to be addressed in your estate plan just as tangible assets like real estate. Not planning for a digital afterlife is increasingly important.

How many hours do you spend on your smart phone, laptop or desktop, busy with work emails, personal emails, social media platforms, gaming, networking and more? In addition to the time spent, chances are good you have many digital properties: photos, music, financial accounts and more. Today’s estate plan needs to include your digital afterlife.

Without a clear plan in place, it can be a major headache for your family when you pass away, says The Street in the recent article, “Estate Planning in a Digital World.”

“The Password Problem” and Your Digital Estate

Published on: May 21, 2019 | By McCulloch & Miller, PLLC

With the average American owning more than 100 online accounts, we now have to address the issue of digital estate planning. It’s not as simple as gathering up the sticky notes with passwords that adorn your desk.

What would happen if you died unexpectedly and your executor needed to access your bank and investment accounts? If you’ve gone paperless for everything from bank accounts to investments to cable bills, how will they be able to gain access to your accounts? Welcome to the age of digital estate planning.

Kiplinger’s recent story, “Your Estate Plan Isn't Complete Without Fixing the Password Problem,” says that having online access to investments is a great convenience for us. We can monitor bank balances, conduct stock trades, transfer funds and many other services that not long ago required the help of another person.

When Disaster Strikes, Will Your Estate Be Ready?

Published on: December 31, 2018 | By McCulloch & Miller, PLLC

The swiftness of fires and flood in the news in recent months, even in places that have never experienced dramatic disasters, puts a spotlight on the need for preparedness. That includes your estate plan.

The evening news presents enough reminders about the need to plan for disasters. However, many people feel like it can’t happen to them, or they don’t know what to do. Forbes’s recent article, “How To Make Your Estate Plan Doomsday Ready,” looks at a couple in their 80s, who recently had their house in North Carolina destroyed by Hurricane Florence, and the picture of what has occurred should be a life lesson for all.

This couple depended on their adult children, who were all in other states, to help—but there were many obstacles. They didn’t have access to a computer and couldn’t remember account information or their passwords or even how to access their email. They asked their daughter to go online and pretend to be them, to begin accessing information. OK, that may not be legal, but desperate times can call for desperate measures.

Deciding About Putting Your Estate Plan Online?

Published on: August 28, 2018 | By McCulloch & Miller, PLLC

Whether your estate plan documents are stored in the cloud or a filing cabinet, make sure to tell your family members, representatives and executors where you’ve placed these important documents.

Chances are you spend a lot more time online with your digital assets than you think. With digital assets and our comfort level with life online growing daily, it’s a matter of time before your start wondering about placing your documents in the cloud. However, as noted by CNBC in a recent article, “Here's what you need to know before storing your will online,” there are pros and cons to this brave new world.

Some of the benefits to storing important information online, include portability and ease of access. Your documents will be available anywhere there’s an internet connection.

Add Digital Planning to Your Estate Planning Checklist

Published on: January 23, 2018 | By McCulloch & Miller, PLLC

With few exceptions, most of us are living digital lives. That includes basics like sharing family news on social media and storing photos in the cloud, as well as financial information. Your digital life needs to be part of your estate plan, now more than ever before.

Your executor and your heirs are likely to run into trouble if you don’t have a digital estate plan, advises a recent Morningstar article, “Do You Have a Plan for Your Digital 'Estate'?”

The article reminds us that not every aspect of an estate will be addressed quickly, even six months later. This includes questions about how to handle the files on the decedent’s computer or the stuff on his smartphone. His social media accounts may also still be up and running.

Oregon Signs New Law Protecting Digital Assets

Published on: March 28, 2016 | By McCulloch & Miller, PLLC

Portland is widely recognized as one of the most innovative cities in the US, and a new law reflects Oregon's tech culture. With the signature of Governor Kate Brown, Oregon has enacted Senate Bill 1554, which grants legal access to digital assets to a person named in an estate plan as a designated fiduciary. This was reported in "Governor signs new law which protects digital assets" from kitv.com.

In order to gain this access, an individual must affirmatively state in his or her estate planning documents that they want a fiduciary to have online access. If not, it defaults to the terms of service agreements, which have been the source of great distress to many individuals and families.

A mother who lost her son 10 years ago after a motorcycle accident wanted to access his Facebook account as a tribute to him.