Digital assets have become integral to our lives, encompassing various items such as social media accounts, email, online banking, cryptocurrencies, digital photos, and more. As people age, ensuring these assets are protected and managed appropriately becomes a critical aspect of elder law. In North Carolina, several legal strategies can be employed to safeguard digital assets for seniors.
Understanding Digital Assets
When we talk about digital assets, an excellent way to think of these assets is to imagine every byte as a precious gem tucked away in the expansive digital universe. What are these assets? They can range from the obvious to the unexpected, and some examples are as follows:
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Online Accounts: Your Facebook, Instagram, and LinkedIn accounts are not just social platforms; they are repositories of personal and professional interactions, almost like a digital diary or resume.
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Financial Assets: Online banking accounts, digital investment accounts, and payment services like PayPal.
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Digital Music and Videos: Whether it’s a collection of MP3s, digital movies, or YouTube videos you have created, these files are a modern form of vinyl records and home movies—valuable and uniquely yours.
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Domain Names: Think of these as digital real estate. Owning a sought-after domain name can be like holding prime property in the center of the most bustling city—only this city is online.
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Intellectual Property: This can include digital designs, software, and even proprietary algorithms.
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E-books and Digital Art: From novels on your Kindle to artworks stored in the cloud, these assets are the cultural artifacts of our digital era.
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Cryptocurrencies: Like the adventures of old who mined for gold, today’s digital miners seek cryptocurrencies. Bitcoin, Ethereum, and others represent modern wealth stored not in bank vaults but in digital wallets.
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E-books and Digital Art: Your digital collection includes these cultural assets, from novels on your Kindle to artworks stored in the cloud.
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NFTs (Non-Fungible Tokens) are the latest players in the digital assets realm. They offer a way to own unique digital items such as art and music, among other things. An NFT can be considered an irrevocable digital certificate of ownership and authenticity for a given digital or physical asset.
10. Other Assets: Digital subscriptions, gaming