Ensuring that digital assets are included in an estate plan is crucial in today’s digital age. Here are a few considerations to know about handling digital assets in one’s estate plan:
What is a Digital Asset?
Digital assets encompass various intangible items and information stored electronically. These include:
- Email accounts
- Social media accounts
- Online payment accounts
- Online trading accounts
- Domain names and websites
- Online gaming accounts
- Cryptocurrencies
- Cloud storage accounts
- Digital libraries and playlists
How to Include Digital Assets in a Last Will & Testament
- Identify Transferable Assets:
- Determine which digital assets one owns that are transferable. These typically include funds in online accounts, cryptocurrencies, and digital media a person owns.
- Document Transferable Assets:
- List these assets in a Last Will & Testament to ensure they are distributed according to one’s wishes upon death.
- Address Non-Transferable Assets:
- Some digital assets, such as email and social media accounts, are non-transferable. Service providers often have procedures for handling these accounts after a person’s death.
Consequences of Not Including Digital Assets in a Last Will & Testament
Without provisions for digital assets in a Last Will & Testament, an Executor or Personal Representative may struggle to locate and manage these assets effectively. Accessing important information stored in online accounts may become challenging for an Executor or Personal Representative.
How to Make Digital Assets Part of an Estate Plan
- Inventory Digital Assets:
- Compile a list of all digital assets, noting which ones will go to named beneficiaries.
- Create a Digital Asset Trust:
- Develop a document containing website addresses, usernames, passwords, and other relevant login information. Store this document securely and provide trusted individuals access to it.
- Consider Making a Last Will & Testament:
- If an individual does not have a Last Will & Testament, consider making one that includes provisions for digital assets. Specify who has authority to access these assets and provide instructions for their distribution.
Plan Confidently with an Experienced Estate Planning Attorney
Ensure that digital assets are accounted for in one’s estate plan to prevent any complications and ensure specified wishes are honored. Consult with an experienced Estate Planning Florida attorney for personalized legal advice tailored to a Florida resident’s specific circumstances.
Remember, the information provided here is general and not a substitute for legal advice. Laws may vary, so it is essential to seek professional guidance for a specific situation.
The foregoing is a brief and general overview of the topic.
If you have any additional Questions regarding the foregoing or have any legal issue or concern, please contact the law firm of CASERTA & SPIRITI in Miami Lakes, Florida.