The internet has made it easier to accumulate digital assets. What happens to these assets when you pass away? When crafting your estate plan, focusing on tangible assets, such as your home, car and savings, is natural. Still, your digital footprint is just as vital.
Digital assets have financial and sentimental values
Digital assets refer to your online properties, such as:
- Email accounts and messages
- Social media profiles and content
- Online storage accounts
- Digital photos and videos
- Blogs and websites
- Online financial accounts
- Cryptocurrency and digital wallets
- Online gaming accounts and virtual assets
- Digital music and book libraries
- Online business interests and intellectual property
In Washington State, the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) establishes a legal structure for managing digital assets after death. This law allows you to indicate in your estate plan how you want your digital assets managed and who should have access to them.
Inadequate planning can lead to loss, deletion or theft of digital assets. Many online platforms have strict privacy policies that prevent unauthorized access, even after death. Imagine a family member or executor trying to access your online accounts only to find they cannot log in or recover valuable information.
Safeguarding your digital legacy
When planning, create an inventory of all your digital assets, including usernames, passwords and security questions. Store this information in a secure location and inform your fiduciary about the existence of this inventory. As you finalize your estate plan, acquire legal help from a Washington State attorney to ensure it reflects your wishes.