When most people think of their estate plan, they tend to focus on physical assets such as their homes, bank accounts, vehicles and family heirlooms. But in today’s world, many of your most valuable assets and personal information exist online.
From online banking accounts to social media profiles, your digital footprint is an important part of your legacy. By including digital assets in your estate plan, you can help your loved ones access essential information and avoid unnecessary challenges.
What are digital assets?
- Digital assets include any information or assets that exist in electronic form, such as:
- Online banking and investment accounts
- Email accounts
- Social media profiles
- Cloud storage accounts
- Digital photos and videos
- Blogs and vlogs
- Cryptocurrency and digital wallets
- Reward programs and airline miles
If you become incapacitated or pass away, your loved ones may not have the legal authority or ability to access your online accounts. Passwords, security measures and privacy laws make it difficult for family members to locate, access and manage important information.
Without a digital estate plan, your family may encounter obstacles when trying to:
- Pay bills or access financial accounts
- Preserve family photos and videos
- Close social media accounts
- Access cryptocurrency or other digital investments
California has adopted laws that address access to certain digital assets after a person’s death or incapacity. These laws allow a properly authorized fiduciary, such as an executor, trustee or someone with power of attorney, to request access to certain digital accounts. However, the extent of that access often depends on the estate planning documents, your privacy settings and the account provider’s terms of service.
A comprehensive estate plan should address both traditional and digital assets. A legal professional can help ensure that every part of your legacy, both online and offline, is protected for your loved ones.
