Digital assets are many things: music, videos, medical records, tax documents, financial records, bank statements, photographs, whether stored on a computer hard drive, online, and/or in the Cloud. Digital assets can also include accounts on social media websites, such as Facebook, Twitter, LinkedIn, Pinterest, Tumblr, or Instagram. Digital assets are also email accounts, such as at Gmail, Yahoo, and Hotmail. Or accounts at online merchant websites, such as eBay, PayPal, and Amazon.

The common (but not small) mistakes:

• Not marshaling all of the assets.

• Not determining all of the debt.

• Not disposing of all of the debt.

• Not paying the expenses on time, including the estate taxes owed by the decedent’s estate.

• Making distributions prior to the seven (7) months.

• Paying the decedent’s creditors without confirming the claim(s).

• Not heeding the concerns or needs of the beneficiary(ies) of the estate.

If you own real estate in more than one state (New York and Florida, for example) you may need to probate your Will or administer your estates in each state.

What is a Living Trust? A Living Trust (not to be confused with a Living Will) is an estate planning legal document that is similar to a Will, but accomplishes more than just passing out your assets upon your death.