Managing Digital Assets in Your California Estate Plan
In today's digital world, properly managing digital assets is essential for comprehensive estate planning. These assets include everything from online financial accounts and social media profiles to digital photos, e-books, and cryptocurrencies. California has addressed the need for digital asset management in estate planning with the adoption of the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) in 2016, providing guidelines for access and control of digital information after death or incapacitation.
Key Points for Digital Asset Management in California:
Inventory Digital Assets: Compile a detailed list of your digital assets, including access credentials. Keep this list updated and securely stored.
Legal Permissions: Use tools provided by digital platforms to direct the handling of your digital accounts after your death. Supplement this with clear instructions in your will or trust regarding all digital assets.
Appoint a Digital Executor: Assign a technologically savvy individual as your digital executor to manage the execution of your digital estate according to your established plans.
Ensure Legal Access: Your estate documents should explicitly authorize your executor to access and manage your digital assets. This step is crucial to prevent service providers from denying access due to privacy policies.
Practical Recommendations:
Utilize Online Planning Tools: Platforms like Google and Facebook offer settings to control what happens to your accounts posthumously.
Specify Asset Handling: Clearly define the fate of each digital asset in your estate planning documents to eliminate any uncertainty.
Protect Sensitive Information: Consider using encryption to secure the document containing your digital asset inventory.
Including digital assets in your estate planning is vital to ensure they are managed correctly in the event of your incapacity or death. California's RUFADAA provides a legal framework to help residents ensure their digital legacy is handled according to their wishes. For thorough and secure planning, consider consulting an estate planning attorney knowledgeable about California's digital asset laws.