If you have created an estate plan, chances are you have planned for the transfer of your bank accounts, investments, and physical property after your death. Instructions for cash and physical property tend to make up the majority of most wills. However, as we continue to transact more of our lives online, post-death planning for your digital assets is becoming increasingly important.
Your Digital Assets
“Digital Assets” is a very broad term. Among other things, it can include cryptocurrency accounts, social media accounts, email correspondence, digital music, photos, videos, and anything you have saved online or uploaded to a “cloud.”
Post-death Planning
When it comes to digital assets, simply giving your password to a friend or family member is not enough. Most user agreements that govern your use of social media, email and cloud accounts prohibit anyone except the account owner from accessing the account, even if they have the owner’s permission. That means your loved one could be accused of “hacking” or online theft for accessing your accounts after you pass away.
Fortunately, many states have or are working to adopt legislation to address this issue. Georgia recently adopted the Revised Uniform Fiduciary Access to Digital Assets Act. This act provides several ways for you to allow others to legally access your digital assets. Among other things, you can include provisions in your will or trust giving the administrator of your estate or trustee of your trust the right to access these assets after you pass away, or grant this authority to someone during your life using a power of attorney.
The amount of access you can provide to a third party varies greatly depending on the document you are relying on to transfer or share your right to access your digital assets. An estate-planning attorney can help you understand the details of this law and make sure that you are using it to your best advantage.
Making your plan ahead of time – and keeping it up to date as life changes – is the best way to protect your family and your assets after you pass and prevent a dispute. The attorneys at Gaslowitz Frankel have years of experience navigating will and estate disputes. If you have concerns about your estate plan, we can help guide you in the right direction. Contact us today at 404.892.9797.
