Estate Planning for Your On-Line Life

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Paul Hyl, Esq. to Discuss Estate Planning in the Digital Age

Radio interview on WHPC 90.3 FM

For the first time ever, studies show that 1/2 of all adults age 65 and over use the internet and/or e-mail, with 70% using the internet daily and 1/3 using a social networking site.  As a result, clients must realize and plan for an estate which includes “digital assets.”  Photo albums, diaries, and letters are rapidly being replaced by their electronic counterparts; interpersonal connections are being made through social networking websites; even banking is done online, from statements to phone camera check deposits.  However, whereas photo albums, diaries, letters and address books are physical property passed on by a decedent to be cherished and enjoyed by their heirs, their electronic counterparts are often times not so easily identified or transferred.  In addition, electronically stored information may be put beyond reach if family members and heirs are not made aware of usernames and passwords.  Clients may not consider these issues when profiling their overall estate, leaving heirs and beneficiaries unable to access and handle the “digital assets” of the estate.