Sunday Money – What Are Digital Assets?

for your Sunday money now most of us have digital assets whether we know it or not however many times planning for digital assets is overlooked even when it involves financial or business assets so joining us now is money man Paul feign to talk about your digital assets so let's go ahead and give this definition because living in the world the Millennials that technology that we use some people may not realize that what they have falls into this category I think that's really true Leslie because you know people all the time now create their own websites maybe it's for a little side hustle or their primary business you've got you know personal email accounts and digital email accounts we've got all the social media and would transact a lot of business online whether it's eBay or Amazon or via PayPal and other services so all of these are what we would call your digital assets now unfortunately you do have to think about a time when maybe you might die or a family member might happen there might be a death and you wonder back in the day you kind of like kept all those papers and stuff written down but now like I don't know that my husband knows my password to this or that or mom well exactly exactly back in the day we had folders and filing cabinets and or maybe even a safe deposit box or a safe at home but now everything like you're saying is uses a personal identification or a password and we're adding and deleting accounts all the time so yeah your personal representative or your heirs what are they going to do they don't know anything what's he gonna change in half the time when you're like me and you forget what your password is right just planning for the future so in case that does happen what is the best way well you know I think it starts with creating an inventory like we're talking about not having it's creating an inventory of all these digital assets where they're located for example a lot of folks now will scan in their history their tax returns and their state documents or maybe their medical records where on which device a digital assets also your devices on which devices that's located and what's the file structure to get to those and that could be you know important photographs and videos and keepsakes that you're now keeping in the digital world is you know some people should they reach out to an attorney or somebody to keep track of that information with maybe their will as well great question great question is definitely an estate planning topic in a will or a trust you want to address digital assets and sometimes it's just a paragraph Leslie that addresses the wat and the who you want to name a you know personal representative it could be your executor it could be a trustee could be someone could be also included in your power of attorney and that power of attorney that you name has got that access to all this information it's really changed the way technology has with social media and cell phones with how we store this information you kind of forget how important that is yeah you really do and most people actually just don't think about it and you know there's a lot of ways to to store it I was telling my son about this topic and I mentioned a CD he was like what compact disc is still on some computers you could burn a disc but you know it could be on a flash drive you could print a hard copy you could still store it in your safe-deposit box but there's also a lot of cloud services now nothing's ever perfect but encrypted secure cloud-based services that you could create your backup of all these digital assets let your personal representative know it's a part of your estate plan yeah at some point we never like to think about dying or someone comes to this one really is and you know state and federal walls are starting to catch up and address these rules and you want to read the that you know your social media read the fine print because we would talk about how much access your family has if you're incapacitated oh really great Tommy today thank you

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