Hidden Assets You Forgot to Protect: A Guide for New York Estate Planning

Are there assets often forgotten in estate planning?

Navigating the intricacies of estate planning can be daunting, especially when considering the myriad of assets that often go unnoticed. At Alatsas Law Firm, we understand the importance of ensuring every part of your estate is protected. With over 20 years of experience, we specialize in estate planning, elder law, and family law, offering personalized attention and thorough legal support to our clients. Our team of experienced attorneys works diligently to help identify and secure all aspects of your estate, including those assets that are commonly overlooked. Here's a comprehensive guide to help you identify and protect those hidden assets that might otherwise slip through the cracks. 

The Modern Digital Estate

In today's digital world, many of our clients, particularly those aged 45-85, often overlook their digital wealth. The rapid advancement of technology has created new forms of assets that require special consideration in estate planning. Here's what you should consider:

1. Digital Subscriptions and Accounts

   • Streaming services like Netflix, Spotify, and Amazon Prime with recurring payments and stored payment information

   • Cloud storage accounts containing precious family photos, important documents, and personal memories

   • Online shopping accounts with stored credit, gift cards, and loyalty points

   • Airline miles, travel rewards, and hotel points that may have significant value

2. Cryptocurrency and Digital Investments

   • Bitcoin and other cryptocurrency holdings across various platforms and wallets

   • Online investment accounts including robo-advisors and trading platforms

   • Digital art collections and NFTs with potential future value

   • Domain names and websites with monetary worth

Traditional Hidden Assets

Beyond digital assets, traditional assets are often forgotten in estate planning. Here are some crucial ones to keep in mind:

1. Personal Property

   • Family heirlooms carefully stored in safe deposit boxes or home safes

   • Valuable collections such as rare coins, vintage stamps, and fine art

   • High-end jewelry, luxury watches, and precious metals

   • Antique furniture and rare books with significant value

2. Financial Assets

   • Life insurance policies from previous employers that may still be active

   • Unclaimed pension benefits and retirement accounts

   • Physical stock certificates stored in old files

   • Forgotten savings bonds and certificates of deposit

Protection Strategies

To ensure these assets are protected and properly transferred to your beneficiaries, consider implementing these comprehensive strategies:

1. Documentation Steps

   • Create and maintain a detailed digital asset inventory with regular updates

   • Store access credentials and passwords in a secure, encrypted location

   • Review and update beneficiary designations for all digital accounts regularly

   • Include specific provisions for digital assets in your trust or will documentation

   • Maintain detailed records of collection appraisals and authenticity certificates

2. Legal Protection Measures

   • Establish a specialized Digital Asset Trust to manage online holdings

   • Create comprehensive authorization for fiduciary access to digital accounts

   • Update powers of attorney to specifically include digital asset management

   • Implement two-factor authentication and security measures for digital assets

Why do we need to plan for digital assets?

At Alatsas Law Firm, we strive to help you navigate the complexities of estate planning with confidence and peace of mind. By identifying and properly protecting often-overlooked assets, you can ensure your legacy is fully preserved and transferred to your chosen beneficiaries according to your wishes. Our experienced legal team is here to guide you through every step of the process, offering comprehensive free consultations and personalized legal support tailored to your unique situation and needs.

For more information or to schedule a consultation, contact us at 718-233-2903. Let us help you secure your future today and ensure that all your assets, both digital and traditional, are properly protected for generations to come.