Mindy checked her email, checked the balance in her bank accounts while live streaming her favorite music, paid two bills, posted her thoughts on a social media site, and logged into her work account – all before finishing breakfast. We live in a digital world, with much of our lives occurring behind login screens. What happens to digital assets when we die, though? Is there some way to allow access to digital materials while preserving confidentiality?
Digital Assets for Fiduciaries
Some states have enacted the Uniform Fiduciary Access to Digital Assets Act that allows executors and agents access some digital accounts. For example, the personal representative of an estate is expected to gather information about the estate assets. This may prove difficult to do when the information is all in digital form.
At this time, Rhode Island law permits fiduciaries (like executor and personal representatives) to access email accounts only.
What are digital assets?
Accounts that you maintain online, but also hardware and data stored on your computer. Other digital assets are:
- Social media accounts,
- Websites,
- Cryptocurrencies,
- Email accounts,
- Bank accounts,
- Investment accounts,
- Financial accounts,
- Retirement accounts,
- Collections and subscriptions, and
- Anything maintained in digital form.
Even if the personal representative of an estate is permitted to access digital assets, how hard will it be to locate them?
Should I prepare a digital assets inventory?
Yes, absolutely. Assets that can’t be found can’t be managed by your executor.
Your digital assets inventory should include:
- Hardware. List all equipment you own with serial numbers, location, and logon information.
- Social Media Accounts. Include all accounts with logon information and instructions to your executor. (Some social media accounts, like Facebook, allow users to name a legacy contact to take over their accounts if they pass away.)
- Stored Data. List what you have saved and where it is located. This includes data stored on flash drives or the cloud.
- Online Accounts. List every financial account, with logon information and instructions to your executor.
- Websites. List any websites or domain names you own.
Once your list is complete, store it in a safe location. Make sure your executor knows where you have stored it.
Some Final Thoughts.
If you do mention your digital assets in your Will, never include personal information or logon information. Your Will becomes public record during probate.
At the Lambros Law Offices, we do more than hand you a stack of documents and tell you where to sign. We explain everything every step of the way until you have an estate plan that fits.
Call us at 401-383-9899 or check out our website. Though our office is located in Cranston, we assist clients through Rhode Island including Providence, Kent, and Washington Counties.
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