Galloway and Collens, PLLC
We are here for you during the COVID-19 emergency.
Please call 248-284-1990 to reach our receptionist or fill out the contact page of our website and we will be in touch.

Nowadays, assets aren't simply things you can hold in your hand

When people in Oakland County think about estate planning, more than likely, what comes to mind are physical assets: real estate -- including the family home -- cars, and household goods. Additionally, retirement accounts or stock portfolios are considered to be assets, and while you can't exactly hold the contents of your 401(k) in your hand, you could theoretically sell it and convert it to cash, which you could then literally put in your pocket.

However, there is a whole new class of assets that essentially didn't exist not that long ago: what are being called digital assets. These include items that perhaps once would have existed in the real world, such as family photographs, songs and videos, and tax and medical records. This might also include things that have no "real-world" counterparts, such as emails and passwords to online accounts.

These days, many people who advise clients regarding estate planning suggest to their clients that they inventory their digital assets when they are writing a will. This can include all of the above-mentioned assets such as photos and videos but also passwords to social networking sites such as Facebook and Twitter, not to mention email -- where some people conduct a large portion of their lives these days.

Other digital assets are things that have value, but only when they are used -- such as frequent flier miles with an airline. While a plane trip might only be worth a few hundred dollars, surveys have revealed that Americans think their digital assets are routinely worth tens of thousands of dollars -- definitely enough to account for in a will.

Source: Pittsburgh Post-Gazette, "'Digital assets': the new frontier for estate planning," Tim Grant, May 13, 2013

No Comments

Leave a comment
Comment Information
  • Sterling
  • dbusiness - Top Lawyers
  • SuperLawyers 2019
  • Rainbow Image
  • Senior & Caregiver
  • ICLE Contributor
Email Us For A Response

Contact Our Metro Detroit Attorneys

Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC, by calling 248-284-1990.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

This site uses Google's Invisible reCAPTCHA, which is subject to Google's Privacy Policy and Terms of Use.

26075 Woodward Avenue Suite 200 Huntington Woods, MI 48070-1341 Phone: 248-284-1990 Fax: 248-545-2520 Huntington Woods Law Office Map