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Remember Your Digital Assets in Your Estate Planning

Did you know that it is important to include your digital assets in your estate planning? Did you ever think about what would happen to your digital assets when you are no longer able to manage them? That leads you to think it may be necessary to discuss that with your estate planning attorney. Now you may realize that it is important to include those digital assets with instructions in your estate planning documents in order that your personal representative may be able to carry out your wishes; and so that your beneficiaries may receive what you wish them to receive. 

Digital assets are electronic records in which an individual has a right of interest. They are transmitted or stored on digital devices such as smartphones and computers. Digital assets can include items such as domain names, websites such as BLOGs, email accounts, documents, social media account, online financial and vendor accounts, business information, digital currency, and artistic content such as photographs. Digital assets have both financial and sentimental value and that value can be lost.  

During the estate planning process, you should speak to your attorney regarding the following:  make an estate plan that includes documents with digital assets provisions;  back up your electronic information and data; take advantage of online tools provided by an internet provider; and create a digital inventory for use by the personal representative, trustee, and/or guardian. 

Digital assets should be defined in the estate planning documents and fiduciary powers over digital assets should be set forth in your estate planning documents. You can discuss with your estate planning attorney about adding a clause to your documents that states: Except as otherwise specifically provided herein, I authorize any person or entity that possesses, has custody of, or controls any digital assets of mine, including but not limited to online accounts or electronically stored information, to divulge to my personal representative any electronically stored information of mine; the contents of any electronic communications sent or received by me, and any records pertaining to me and maintained by that person or entity. This clause will help your personal representative, trustee, and or guardian obtain access to your digital assets. 

There is a new Florida Fiduciary Access to Digital Assets Act that establishes a new section under Florida Statues 740. The new section discusses a lack of a defined right of access for fiduciaries to digital assets. 

The new section governs access to digital assets. The underlying ownership and title of assets is not changed by this section. 

Remember that you must authorize the content of electronic communication to be turned over to a fiduciary in order for the fiduciary to have access to that information. 

If you have more questions regarding a Guardianship or Probate litigation matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation. You may also visit my website at: https//: www.AnnMarieGildenLaw.com 

This article is for informational purposes only; and it does not form an attorney client privilege.