In this technological age, many people store important information online. But when it comes to New York residents and estate planning and administration, there are a few things people should know about storing their digital assets online in one place. For those who know a thing or two about technology, keeping important information online can be a great idea.
Using an online tool to store digital assets makes it easier to store all assets, including digital accounts like cryptocurrency, for instance. A comprehensive estate plan should include all assets. The Revised Uniform Fiduciary Access to Digital Assets Act allows those appointed as fiduciaries to access some digital assets in most states, New York among them. In order for all online assets to be accessible, a testator must specify such in a legal document.
If one executor is going to be responsible for all assets, he or she should be given access to all online accounts. This person should be someone the testator trusts implicitly since he or she will need to be given passwords, login information and security question answers to be able to access these assets when the time comes. Storing estate planning information is not for everyone, but it is an option for those who understand what’s involved.
An experienced estate planning and administration attorney would be able to give wise advice and guidance to New York residents thinking about using the internet to store their estate planning information. He or she could outline the pros and cons of doing so. By having clear and concise information, people will be able to choose what estate planning path is right for them.