Think about your phone right now. It holds thousands of photos, important emails, financial apps and social media accounts that tell your life story. When you pass away, what happens to all these digital pieces of your life?
When creating an estate plan, it is crucial to consider what will happen to these digital assets. In Massachusetts, the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) governs how digital assets are handled after someone passes away. This law allows individuals to grant access to their digital assets through a will, trust or power of attorney.
What counts as a digital asset?
Digital assets go far beyond your social media profiles. Your digital estate includes:
- Cryptocurrency and digital wallets
- Online banking and investment accounts
- Email accounts and cloud storage
- Digital photos and videos
- Social media profiles and business accounts
- Online subscription services
- Digital music, books and movie collections
- Domain names and websites
- Gaming accounts with valuable items
Each of these assets has real value, either financial or sentimental. People often overlook their digital presence when creating an estate plan. Failure to plan can leave your family unable to access important accounts or memories, which may cause significant stress and even financial loss.
Essential steps for digital estate planning
Consider these actions as you prepare your estate plan:
- Create an inventory: List all your digital accounts, including usernames and the service provider. Do not list passwords in this document.
- Review terms of service: Understand the terms and conditions for each online account. Some services have specific rules about what happens upon an account holder’s death.
- Use online tools: Many platforms offer “legacy contact” or “inactivity manager” features. Use these to designate someone to manage your account if you become unable to do so.
- Include instructions in your estate plan: Do you want your Facebook account memorialized or deleted? Should your family have access to your photos stored in Google Drive? You can direct your executor to preserve certain accounts or delete others.
Crafting an effective digital estate plan requires understanding both technology and the law. Because legal issues can be intricate, professional advice is essential.
Take action today
Estate planning is not a do-it-yourself project as it involves legal principles. Working with a qualified attorney can help protect your online life and your loved ones. An attorney can guide you in creating a clear, legally sound estate plan for all your assets, digital and physical, providing peace of mind for you and your family.