Technology has changed many facets of modern life, including the way we plan for the future of our estates. Where families once only needed to address physical assets and financial accounts in estate planning, they must now also designate wishes for their digital assets.
Galloway and Collens, PLLC, represents individuals in the Detroit metro area and throughout Michigan in the protection of their digital assets in estate law.
You probably have more digital assets that you realize. These may include:
Just as with tangible assets, digital assets are considered part of your estate. So if your wishes are not clearly expressed before the time of your death, your digital assets will be distributed according to intestate laws of the state you reside in. However, complexities arise because presently the majority of states do not have specific legislation regarding digital assets and succession. The law will often turn to the terms of service for each digital account, but some companies have not addressed succession rules in their usage agreements.
Ultimately, without clear direction as to your wishes for your digital assets, your family may face unnecessary probate after your death, and disputes may arise among your loved ones.
Our law firm is ready to help. Contact the real estate and estate planning attorneys at Galloway and Collens, PLLC.