Your online presence is more valuable than you might realize. From cherished family photos stored in the cloud to cryptocurrency investments, your digital footprint contains assets that need protection. Yet many La Mesa residents overlook these important possessions when creating their estate plans.
Since 2012, our San Diego estate planning lawyer Mark Ignacio has guided La Mesa and San Diego County families through the process of protecting their tangible and digital wealth. His methodical approach helps prevent costly oversights that could leave your online assets vulnerable after your passing. Let’s take a closer look at how this process can work for you.
What Qualifies as a Digital Asset?
Digital assets encompass any content, account, or file that exists in electronic form. They often hold significant financial or sentimental value. They include:
- Financial accounts. These might be online banking profiles, investment platforms, PayPal and Venmo balances, and eBay profiles. They could also be cryptocurrency wallets and any other digital asset that, according to the IRS, can be “bought, sold, owned, transferred, or traded.” Financial accounts require careful handling to prevent unauthorized access while ensuring your beneficiaries can claim their inheritance.
- Online business assets. E-commerce stores, monetized YouTube channels, websites, and domain names can generate ongoing income for your heirs if properly managed.
- Digital collections. Music libraries, eBooks, gaming accounts, and NFTs represent valuable property that should also transfer to your chosen beneficiaries.
- Social media presence. Facebook, Instagram, LinkedIn, and other social profiles may need to be archived, memorialized, or deleted according to your wishes. You can also create legacy content access if that’s preferred.
When you discover the scope of your digital holdings, you'll want an attorney who stays current with California's evolving online authority to guide you through the next steps of the process. Mark Ignacio is ready to help.
Why Our Professional Guidance Makes Digital Asset Planning Easier
While most people initially think of wills and trusts as the foundation of estate planning—and there’s good reason for this—the legal landscape around digital assets presents unique modern challenges. We strive to stay up-to-date on aspects of regulation and access to anticipate your needs and prepare for an easier transition to your loved ones.
In your consultation, we’ll discuss:
- Asset valuation. Digital property can be difficult to appraise and may fluctuate in value. We’ll ensure accurate estate valuations for tax purposes.
- State law compliance. California has specific regulations regarding digital asset succession and how to name a fiduciary—the person you designate to manage them after your death. We’ll help you through this process and documentation.
- Terms of service complications. Many online platforms have strict policies about account access after death, and the process often takes a few months to finalize. As your estate planning attorney, Mark Ignacio helps ensure your executor has proper authorization.
- Password protection. While sharing passwords seems simple, doing so incorrectly can violate the Computer Fraud and Abuse Act. We’ll make certain your estate plan outlines legally sound methods for credential transfer.
Take Action Now to Secure Your Digital Legacy
Don't leave your digital wealth unprotected. Our San Diego County estate planning team can help preserve your online assets for future generations.
We’ll work with you on comprehensive digital asset strategies so you can be confident that everything is taken care of correctly. Our team can provide clear direction on helping you catalog and assess your digital account inventory, walk through the protocols for how executors should handle each digital asset, and draft the necessary authorizations and permissions to allow fiduciary access while maintaining security.
