In today’s digital world, people amass an unprecedented amount of digital assets. Much like with tangible property, you need an estate plan in place to handle your digital assets. For innovative solutions to digital asset management, turn to the skilled estate planning lawyers at Creighton McLean & Shea PLC.
Access To Accounts Is Key
With an increasing reliance on electronic communication, access to your email account and other online platforms is paramount. Access to your email account after your death could be especially important for managing online banking, bills and other financials. Michigan is one of many states that allows the executor of your estate to manage your digital assets under the Uniform Fiduciary Access to Digital Assets Act.
However, even though you may specify that the executor of your estate can access your accounts, the companies that store the information control it, which can be problematic. Also, the terms of service agreement you signed when creating the account may prevent access by another. This means the executor must contact each of the companies for your social media accounts and request access, which may ultimately get denied.
Strategies For Digital Asset Transfer
It can be helpful to leave your executor login information so they can manage your affairs, but putting login and password information into your last will, which is a public document, is not recommended. Using a password manager and then providing the master login to the executor is a possible solution. This is especially important for cryptocurrency and digital wallets when recovering a lost access key is impossible.
Many digital assets, such as digitally downloaded music or films are not transferable based on the terms of service agreement. However, you could back up the media on an external hard drive to make it accessible.
Contact Us To Discuss Your Needs
Estate planning in a digital world involves many of the same strategies for tangible assets. To make sure they are accessible include a list of your assets, their location and instructions for access.