State laws, such as the RUFADAA (Revised Uniform Fiduciary Access to Digital Assets Act), allow the executor of an estate or attorney access to a person’s online accounts after incapacitation or death. These laws help you to protect your digital assets.
However, you need a digital estate plan to enable your family to access your digital assets if you pass away.
Remember that a digital asset is anything that is stored digitally and is uniquely identifiable that organizations can use to realize value. This can include documents, audio files, videos, logos, slide presentations, spreadsheets, and websites.
Kiplinger’s recent article entitled “How to Tackle Digital Estate Planning in Four Easy Steps” provides the steps for creating a digital estate plan:
The digital estate plan is considered informal in states that haven’t enacted the RUFADAA. Ask an experienced estate planning attorney about formalizing it by making a codicil to last will or in a new last will. A codicil is a legal document that cites modifications to your last will.
See if this law has passed in your state.
Wills, trusts, and estate planning for everyone. To book a call in Anchorage, Alaska, please contact Mitch Wyatt at https://mkwyatt.com or call 907-277-0300.