Estimated reading time: 3 minutes
In this guide, you will learn:
- What Will Happen to Your Digital Assets After Death or Loss of Capacity?
- Is Digital Assets Transferable?
- How Can Loved Ones Access Digital Assets/Information?
- Examples of Digital Assets
- How Can You Protect Your Digital Assets?
In today's digital age, our online presence extends far beyond our lifetime. We document memories in the cloud, manage our finances online, and accumulate digital possessions. However, what happens to these digital assets when we are no longer able to protect them or if we become incapacitated? This article explores what happens to our digital assets after death, shedding light on their management and transferability.
What Will Happen to Your Digital Assets After Death or Loss of Capacity?
Without a plan in place, these scenarios may happen:
- Digital assets may be left unattended or forgotten which can potentially lead to data loss or unauthorized access.
- Lack of clear instructions can lead to legal hurdles and complications for family members seeking access to or control over digital assets.
- Online accounts may become inaccessible without the required login credentials.
- Posthumous management of digital assets should also consider privacy issues and the risk of sensitive information falling into the wrong hands.
Is Digital Assets Transferable?
Yes, digital assets can be transferred depending on the service providers and applicable laws, including inheritance, taxation, and privacy. For example, the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) in the United States provides a legal framework for fiduciaries to access and manage digital assets after the owner's death or incapacity. However, it is essential to consult legal counsel due to laws and regulations that can change over time.
How Can Loved Ones Access Digital Assets/Information?
Here's how to facilitate digital assets for your loved ones:
- Create a Digital Will: Clearly state your intentions for each digital asset within your estate and appoint a digital executor to carry out your instructions.
- Maintain a Secure Record: Keep a secure record of account usernames, passwords, and two-factor authentication codes to ensure your executor can access this information.
- Review Service Providers' Policies: Be aware that some platforms allow for the transfer of assets to designated individuals. Learn about the terms of service for each platform you use.
- Seek Legal Advice: Consult legal counsel to navigate the legal aspects related to digital assets within your jurisdiction.
Examples of Digital Assets
Digital assets encompass a wide range of items. Here are some common examples:
- Social Media Accounts: Facebook, Twitter, Instagram, LinkedIn
- Email Accounts: Gmail, Outlook
- Cloud Storage: Google Drive, Dropbox
- Online Banking Accounts
- Digital Currencies
- Online Subscriptions: Netflix, Spotify
- Digital Photos and Videos
- Digital Music and E-books
How Can You Protect Your Digital Assets?
To protect your digital assets, consider taking the following steps:
- Create an Inventory of Digital Assets: Make a list of your digital assets and their login credentials.
- Create a Digital Estate Plan: Provide your fiduciaries with instructions on how you want your digital assets to be managed.
- Use Password Managers: Password Managers can securely store your login credentials.
- Enable Two-Factor Authentication: Add an extra layer of security to your accounts using 2FAs.
- Keep Your Estate Plan Updated: Regularly review and update your digital estate plan. Remember that seeking guidance from legal experts is crucial to receive advice tailored to your specific situation. Keep in mind that your digital legacy is an extension of who you are, so plan accordingly.
Important Note: This article is for informational purposes only and should not be considered legal advice.
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