With the advanced technology readily available in this day in age, most of your business assets have likely been digitized. That is, multiple aspects of your business operations that once required physical documents may now be available in an intangible digital form. And while this may streamline your business practices, it may make your business estate plan more complex. This is when creating a digital estate plan proves pivotal. Read on to discover how you can protect your digital business assets and how a seasoned Broward County estate lawyer at The Probate Lawyers can work to ensure that every last one is incorporated into your plan.
How can I protect my digital business assets in my estate plan?
Simply put, a digital estate plan is the most comprehensive way to protect your digital business assets. This is because this plan may work to exclusively cover the intangible business assets that you may have forgotten about in your other estate planning documents. Further, it may allow you to express clear instructions on how an individual may legally access these intangible assets; such as which computer they are stored on, what your usernames/passwords are, what your answers to security questions, etc. Without further ado, you may consider incorporating the following digital business assets into this plan:
- Digital copies of your business’s logo.
- Digital copies of your business’s licenses.
- Digital copies of your business’s copyrights, trademarks, and patents.
- Digital copies of your business’s photo, video, and audio advertisement campaigns.
- Your business’s website and social media accounts.
- Your business’s bank accounts and online payment services.
What are the other benefits of a digital estate plan for my business?
Generally speaking, digitized content is often irreplaceable; making this the first and foremost reason why you must establish a digital estate plan for your business. Upon doing so, you may also reap the following benefits:
- You may reduce the taxes that come with turning over the ownership of your business.
- You may reduce the waste of time, money, and other resources when turning over the ownership of your business.
- You may assign certain business partners, stakeholders, and family members to build the brand’s identity and reputation using your ideas.
- You may prevent disputes over your business’s intellectual properties by assigning ownership to certain business partners, stakeholders, and family members.
- You may ensure your business remains legally compliant with data protection and privacy laws upon your passing.
- You may prevent your business’s digital assets from becoming susceptible to data breaches or identity theft upon your passing.
In conclusion, we believe that legal advice from a competent Broward County estate lawyer is the best fit for you and your business’s digital estate plan. So please get in touch with The Probate Lawyers as soon as possible.
