Preparing Your Digital Assets For The Probate Process
Today, the world is a digital one and people’s lives online are often just as important as their physical ones. From online banking to cryptocurrency to digital photos and social media accounts, your digital assets are an important component of your personal estate. It can be difficult for your loved ones to navigate the probate process for your digital assets after you pass away. Below, our Daytona Beach estate planning lawyer explains how to handle them and ensure that your wishes for them are respected.
The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA)
The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) was enacted in Florida in 2016. This Act allows your personal representative to access your online accounts after you pass away. However, this is only possible if you have planned appropriately. Many online platforms require the consent of the user before allowing a fiduciary to access certain accounts. To provide this consent you can add a provision in your will or create a separate advance directive.
Create an Inventory of Digital Assets
Your personal representative will not be able to access your digital assets if they are not aware of them. Create a comprehensive inventory of all of your digital assets, including accounts, usernames, passwords, and any special instructions. Make sure to include all digital wallets, social media profiles, email accounts, and anything else of value.
Include a Directive in Your Will
You can also include a directive in your will specifying how you want your digital assets managed. For example, you may have cryptocurrency that you want to leave to a beneficiary. It is also important to grant your personal representative permission to access your accounts.
Utilize Password Management Tools
Password managers are apps or third party services that secure, store, generate, and manage complex passwords in one place. They eliminate the need to remember multiple passwords and require users to remember just one strong ‘master password’ to access all of the others. Using a password management tool, you can provide your personal representative with the master password so they can access them when needed.
Update Your Plan Regularly
Digital assets are always changing. In fact, it is recommended that you create new passwords on a regular basis to ensure your accounts remain secure. Due to this, it is critical that you update your plan for your digital assets regularly to ensure your personal representative can access them easily if you pass away.
Our Estate Planning Lawyer in Daytona Beach Can Help with Digital Assets
At Bundza & Rodriguez, our Daytona Beach estate planning lawyer is familiar with many different online platforms and can help you create a plan that includes all of your assets, both physical and digital. To learn more about how we can help you create a plan that protects you, your loved ones, and your estate, call us now at 386-252-5170 or contact us online to schedule a consultation with our experienced attorney and to learn more about how we can help with your plan.
Source:
flsenate.gov/Laws/Statutes/2024/Chapter740
