How To Prepare Digital Assets For Probate As An Estate Executor In Indiana

In this article, you can discover…

• What digital assets are, and how to include them in your estate.
• How to effectively pass on digital assets to your beneficiaries
• How to manage digital assets during the probate process and an executor.

What Is A Digital Asset?

Digital assets typically include computer property or digital currencies such as bitcoins or blockchains. Digital assets differ from traditional assets in that, more often than not, these assets are not tangible and take up little to no physical real estate. Some examples of digital assets include:

• Cryptocurrency: Non-tangible currency such as Bitcoin and Ethereum are defined as digital assets.
• NFTs (Non-Fungible Tokens): Digital art pieces and virtual real estate items will also be included in an estate’s digital assets.
• Domain Names: Internet addresses and online domains controlled by the deceased will be distributed as digital assets.
• Software: Any proprietary apps, coding, or software owned by the estate are considered digital assets.
• Online Accounts: Memberships to any websites, online service providers, or social media sites will be included in digital asset distribution.

Can Heirs Inherit Digital Assets In Indiana?

In short, yes. Since digital assets generally have a monetary value, they can be distributed to heirs in the same way that tangible assets would be. According to Indiana probate law, you may pass on digital assets to heirs.

How Do I Handle Digital Assets As An Executor?

If digital assets need to be distributed and you have been named executor, you will be responsible for following the rules for proper management and distribution. This will include the identification and assessment of assets before following the will of the estate in the distribution process. You will also be responsible for transferring and closing any unneeded accounts fairly and transparently.

Attorney Thomas E. Scifres is a seasoned lawyer based in Washington County, IN who has helped countless clients just like you navigate the intricacies of Indiana probate law. With a wealth of experience in providing legal counsel to his community, he is prepared to assist you in your probate proceedings so that you can comfortably navigate the grieving process with your family.

Still have questions? Ready to get started? Contact Thomas E. Scifres today to schedule a free initial consultation.

How Can I Manage Digital Assets For A Smooth Probate Process?

As we enter a more digital world, it becomes more common to see heirs who are ill-equipped to handle the location and administration of digital assets. For this reason, you should keep a list of all accounts and passwords to streamline the process of digital asset distribution.

It is important that you keep a physical list of these assets, as digital records can be compromised by hackers and spyware. This will ensure your digital assets are protected and easily accessible when the time comes to settle the estate.

I’m Overwhelmed By The Digital Assets In My Estate Settlement, What Can I Do?

Like many other complicated legal manners, it is important to take things one step at a time. Once you team up with my office, our team will assist you in making the necessary contacts to receive access to any outstanding assets. While the process can be daunting upfront, many people often find themselves able to navigate their situation and account for all digital assets.

During this process, you have the option to petition the courts for additional time in settling your estate. This option for breathing room can prove valuable when seeking cooperation from third parties and working through the unfamiliar task of digital asset identification. Despite the uncertainties, I always make sure my clients are aware that we will work together to get them through the process in one piece.

Are You Ready To Work With Qualified Professionals Who Can Bring You Results?

If you need assistance with Digital Assets And Probate, a free initial consultation is your next best step. Allow attorney Thomas E. Scifres to provide you with the information and legal answers you are seeking by calling (812) 359-8007 today.