As we enter the new year, the number of Americans who rely on electronic devices and online accounts in their everyday life has never been higher, and it continues to rise! Many of us own assets that exist only in electronic form or are stored on electronic devices, including online banking accounts and social media accounts. Consequently, we have to ask ourselves - what happens if we can’t access our accounts because we are incapacitated, or if we die?
New York has enacted laws to provide automatic authority to an agent under a power of attorney, a trustee of a trust, or an executor of a will, to access and manage these digital assets. As such, New York residents should make sure that their powers of attorney, wills and trusts are updated to ensure that they contain proper language authorizing their fiduciaries to access their digital information.
I would be happy to review your existing documents to make sure that your fiduciaries have access to your digital assets if you are unable to access this information for any reason. Contact me if you have any questions on how to begin this process.