What are digital assets? Digital assets refer to all information and accounts that could exist in electronic storage. Increasingly, many people have plenty of digital assets at the time they pass away, and failing to take proper care in including this information in your estate planning could cause unnecessary problems.
Examples of digital assets are things such as email accounts, online brokerage and bank accounts, social media profiles, digital videos, photographs, or cloud-sourced documents, subscription accounts, and cryptocurrencies. If you do not leave behind clear instructions for digital access, this could slow down a state administration or keep your loved ones from being able to access these important details.
California’s Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) allows trustees and executors to manage your digital assets with minimal difficulty provided that you take proactive steps to provide legal authorization in your estate plan. Our Pasadena estate planning attorneys can help you with this process.
The RUFADAA provides clear expectations for how trustees or executors can access digital assets. If proper authorization is included in your estate plan, the Act requires that digital platforms must give fiduciaries access to digital assets. It’s important to store your access details somewhere secure, but also somewhere that your chosen recipients can find this information after you pass away. Start by creating a comprehensive plan and working with your lawyer in California to adjust throughout your life.
