Leading Probate Attorney Ana Veliz Highlights Importance Of Not Forget Digital Assets in Estate Planning – Coral Gables, FL

Top Probate Attorney Ana Veliz, founder of the Law Offices of Ana M. Veliz, P.A. in Coral Gables, FL emphasizes the need to incorporate digital assets in estate planning. For more information please visit https://velizlaw.com

Coral Gables, Florida, United States – November 6, 2023 —

In a highly digital world, it is easy to forget about the assets that may exist in this virtual landscape when considering an estate planning strategy, warned Ana Veliz.

For more information please visit https://velizlaw.com

“With our lives becoming increasingly digital, so have our assets,” she said. “As the world continues to transition into the virtual world, managing digital assets in probate has emerged as a critical aspect of estate planning.”

Digital assets exist online or in the virtual world, not the physical world. They cannot be felt, smelled, heard, or tasted, but they exist, and they can be seen – encompassing everything from Instagram images to Facebook chats to cryptocurrency. Even the device – be it a computer, tablet, or phone on which these assets are stored – is considered an asset.

While images of a family holiday are of more sentimental value, a YouTube channel or a profitable blog can go on generating income after the owner has died. Also, music, artwork or eBooks are all digital assets potentially yielding royalties, which can add to an estate.

‘’Even domain names may have resale value. Computer equipment could hold monetary value. And don’t forget, if you own a business, there may be intellectual property rights, patented technology, websites, domain names and financial transactions online’’, explained Veliz. 

Ana Veliz provided invaluable guidance on handling these digital assets, ensuring they are protected and transferred seamlessly during the estate planning process.

“We possess a treasure trove of digital assets, including cryptocurrencies, online accounts, social media profiles, and intellectual property rights. Managing these assets can be complex, requiring careful consideration and planning.”

She advised that individuals planning their estate should consider identifying and cataloging their digital assets. These may otherwise be challenging for loved ones and even executors if they are unaware of passwords or the full extent of crypto wallets and tokens.

Security and access to digital assets are paramount, so it is essential to designate a digital executor with the necessary access and passwords that they can utilize to manage these digital assets.

Veliz said: “The legal landscape surrounding digital assets is evolving rapidly, but the necessity to issue clear instructions in wills and trusts remains.’’

She added: “What’s in the cloud shouldn’t remain in the cloud and hanging over your family when you die. The legal landscape is still getting to grips with the digital age. So the best thing is to be proactive and document who gets what, both with your sentimental and monetary assets.”

A digital executor armed with all the information, passwords and instructions should be able to navigate the virtual world smoothly.

Veliz concluded: “Consider what needs to be closed down after you die and what can be passed on to beneficiaries. When considering estate planning, ask your attorney what is required and what issues may arise. It may well be that a digital plan should be part of the overall estate plan.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Ana M. Veliz
Email: Send Email
Organization: Law Offices of Ana M. Veliz, P.A.
Address: 2600 Douglas Rd Suite 710, Coral Gables, FL 33134, United States
Phone: (305) 703-5198
Website: https://velizlaw.com

Release ID: 89111881

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