How To Make Your Digital Life Part Of Your Estate Plan

Share to linkedinMost people have a broader and more robust digital life than they realize, and that digital life has to be integrated into their estate plans. If it isn’t, your heirs are likely to face a lot of inconvenience, anxiety and unnecessary costs. It’s possible part of your estate and legacy will be lost.

First, develop an inventory of your digital assets. This includes all the items listed above and any others you can think of. You also should include what might be called digital liabilities. These are any automatic payments, whether they are automatically issued from your accounts or charged to credit or debit cards.

Include all the information needed to access the account or item. Typical information includes a username or personal ID and a password. If a second authentification step sends a pass code to a cell phone or other device, include details about that. Security questions and answers set up with the account need to be included.

The Uniform Fiduciary Access to Digital Assets Act clear up most of those difficulties. Most states have adopted a version of it. It hasn’t been enacted but is being considered in Massachusetts, Pennsylvania, and the District of Columbia. Only California, Kentucky, Louisiana, and Oklahoma haven’t enacted and aren’t considering the law, though some of those states adopted their own laws regarding digital assets.

In a typical plan, you give the executor access to financial accounts, any other valuable digital assets and any digital account needed to settle the estate. The executor will manage them and eventually transfer them to new owners as directed under your will or trust. The executor also will ensure bills are paid while the estate is being processed and eventually turn off automatic payments and cancel subscriptions.

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