Digital assets are becoming a key part of modern estate planning. Digital assets include everything from online banking accounts to social media profiles and digital photos. If not properly addressed in an estate plan, these assets can become inaccessible to loved ones after death.
Why digital assets matter
As more of our lives move online, digital assets carry both financial and personal value. For example, photos and emails may have special emotional value. Your loved ones may not even be aware that digital assets exist if they are not mentioned in your estate plan.
Under the Revised Uniformed Fiduciary Access to Digital Assets Act (RUFADAA), which Oregon adopted in 2016, users can indeed designate someone to have access to their digital assets after death.
How to handle digital assets
To manage digital assets in your estate plan, start by creating a detailed inventory of all your online accounts and digital files. This list should include:
- Login information
- Passwords
- Details for any online accounts
Storing this information securely, either in a password manager or with a trusted individual, is essential. You should also clearly outline what you want to happen with your digital assets. The estate may need to close some accounts, while they could transfer or preserve others. RUFADAA allows you to designate a “digital executor” to manage your digital assets according to your wishes.
Protect your digital assets
Safeguarding your digital assets is an essential part of comprehensive estate planning. By taking the time to organize and secure your online presence, you can ensure that your digital legacy is handled according to your wishes. Thoughtful management today can provide peace of mind for both you and your loved ones in the future.
