Digital Estate Planning

When it comes to estate planning, many people focus on their financial and physical assets – investments, homes, cars, etc. In the 21^st century, another area that needs your attention to formulate an all-inclusive estate plan is your digital assets. Digital assets include anything that you own online, such as your email accounts, social media accounts, photo sharing or storage accounts, cryptocurrency keys, apps on your mobile phone or tablet, domains, blogs or vlogs, gaming accounts, and any other online accounts or digital intellectual property that you own.

In 2016, the Florida legislature passed the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) which grants the Personal Representative of an Estate access to a decedent’s digital assets if this wish is explicitly noted in the decedent’s Will. The Will supersedes the online provider’s Terms of Service for how the company manages the death of a user. This facilitates the decedent’s heirs and beneficiaries gaining access to their online assets, which otherwise may be inaccessible. To ensure your beneficiaries are able to gain access to your digital assets, it’s important that you consult with an Estate Planning attorney to certify that your Estate Planning documents meet the RUFADAA requirements. Additionally, if your digital assets have a significant financial value, such as a blog or vlog site with a large number of subscribers, you will want to work with an Estate Planning attorney to make sure that you have a formal plan for the future management of that business or how you want to see it be closed down.

Making sure your Will meets the RUFADAA requirements is an important start to protecting your digital assets for your beneficiaries. However, incorporating digital asset language alone may not be enough. Most of us have dozens of online accounts, from email accounts, to shopping accounts, to all the apps on our phones. From a practical perspective, it’s unlikely that your Personal Representative will know all of the accounts that you have and how to access them. To help them with this process, take inventory. Create an extensive list of all your digital assets including usernames and passwords. This may be a lengthy process but it is the only way your Personal Representative will know what your assets are and how to properly access them. You should also note if there are recurring fees associated with each account to make sure your Estate does not incur additional charges for them. To make sure that the passwords in your account list stay current, you can either update the list when you change your passwords or keep all of your passwords saved in a password manager app so you only need to keep that password updated.  

If you want to ensure that your Estate Planning documents include provisions for your digital assets, contact Huth, Pratt & Milhauser. We are digitally-savvy Estate Planning attorneys that can review your existing Estate Planning documents and update them if needed, or, if you have not yet developed an Estate Plan, we can create a customized plan that will protect your physical, financial, and digital assets for your beneficiaries.

Huth, Pratt & Milhauser

Huth, Pratt & Milhauser is a boutique law firm that offers a wide range of legal services in the specialty areas of Wills, Trusts, Estates, Probate, Guardianship, and related matters. The range of legal services that Huth, Pratt & Milhauser provides in these specialty areas includes planning, administration and litigation. The experience and skills of our attorneys and staff, coupled with our knowledge of applicable law, enable us to provide outstanding representation to our clients.

Although we are located in South Florida, we proudly serve clients throughout the country and around the world from our Boca Raton offices. We strive to provide superior and focused counsel in a timely manner and at a competitive price.

Huth, Pratt & Milhauser

2500 North Military Trail, Suite 460

Boca Raton, Florida 33431

Phone: 561-392-1800

www.hpmlawyers.com

2500 North Military Trail, Suite 460
Boca Raton, Florida   33431
Phone: 561-392-1800

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