Cheri Dorsey
Co-Founder | Sessa & Dorsey, LLC
cheri@sessadorsey.com
(443) 589-5600 ext. 105
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Tom Sessa
Co-Founder | Sessa & Dorsey, LLC
tom@sessadorsey.com
(443) 589-5600 ext. 104
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In today’s technology-driven world, digital assets are becoming increasingly more important to consider when creating an estate plan. “Digital assets” is an umbrella term for any valuables or key information stored online or on digital devices, such as personal computers. These include cryptocurrency, passwords, digital media (such as photos and videos), and access to virtual platforms tied to financial records and revenue. And in some cases, it may mean securing access to precious memories and mementos stored online.
With the rise in popularity of cryptocurrency, investing, and online financial storage accounts (e.g. PayPal, Venmo, Cash App, etc.), many people are concerned about the protection and access to their digital assets after they pass away. Below are a few tips to keep in mind when planning for the future.
Create an Inventory of All Digital Assets
The first and most essential part of digital asset estate planning is to create an inventory of all your digital assets. Although this may sound like an overwhelming and daunting task for those with a large number of online accounts, it is crucial to... Read more.
Decide on a Personal Representative
Typically, the Personal Representative you appoint in your Will is also the person that will manage your digital assets after you pass away. They do not necessarily need to be an attorney, but they should be an individual who can be trusted with... Read more.
Back-Up All Data in Secure Locations
Digital records are often lost due to hardware malfunctions, or even in instances of cybercrime. A secondary location for digital assets may not be enough to recover precious lost accounts. Store digital assets on the Cloud, as well as... Read more.
Be Aware of Privacy Laws
There are several federal and state laws that restrict access to private servers and databases which may house digital assets. If not accounted for, unforeseen legal issues may provide a serious impediment for those set to inherit... Read more.
Provide Legal Consent Regarding Data
In many cases, digital assets housed primarily on privately-owned online servers, such as social media websites, lawful consent is required to transfer access from one party to another. Without express consent given to online platforms.... Read more.
Include the Digital Estate in the Will
To maximize your Personal Representative’s ability to access and handle your digital assets, digital asset provisions and protections should be added directly to... Read more.
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Finding love in the form of a new family is something beautiful and worth celebrating. Blended families—often called stepfamilies or reconstituted families—are formed when at least one of the spouses has custody of their children from a prior marriage or relationship. In the United States, blended families have become quite common and recent studies have shown that 1 out of 6 children live within a blended household.
Parents of newly blended families may overlook certain details of their estate planning upon entering this new chapter of their lives. Below are a few tips and reminders for blended families who are planning for the future and may not be aware of how exactly their new union will affect their estates:
- Determine How to Split the Finances. The properties and assets owned by individual spouses within a blended family may not always effectively align. One partner may want to put their previous house on the market independently, while another may... Read more.
- Consider Creating a Trust. Blended families may want to consider looking at a number of different trusts for their estates, depending on their own unique circumstances. The spouse often inherits the assets of their partner’s Will after they pass away. But depending on... Read more.
- Update Life Insurance Policies & Retirement Accounts. Blended families may already have a life insurance policy and retirement accounts in place. If this is the case, it is imperative that you review and update your beneficiaries as soon as possible. If you pass away without updating your beneficiaries, the money and benefits will go to... Read more.
- Consider Bequests in the Will. If the surviving spouse is designated as the sole beneficiary of a trust, parents in a blended family may want to find another way to ensure that their children are taken care of after they pass. Spelling out bequests in a Will is an alternative way to pass along... Read more.
- Keep Health Care in Mind. Future health care decisions are often a point of contention within blended families. In the event that a parent is rendered unable to determine their own course of treatment, they must create an Advance Directive and name a trusted family member as a... Read more.
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Ph: 443-589-5600 | Fax: 443-589-5601
www.sessadorsey.com
11350 McCormick Rd,
Executive Plaza III, Suite 601
Hunt Valley, MD 21031
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