Digital assets now play a central role in daily life, yet many estate plans still overlook them. Online accounts, stored files and digital property can create challenges for families when access is unclear.
Fortunately, you can avoid these issues by including clear instructions for electronically stored assets in your plans. Doing so helps ensure that crucial information is preserved and managed according to your personal wishes.
Understanding digital assets
Digital assets include a range of items that exist online or on electronic devices. Common examples include email accounts, social media profiles, cloud storage, financial accounts and digital photos. They also include valuable property like cryptocurrency, online subscriptions and stored business records. Because assets like these can hold financial or sentimental value, they deserve careful planning.
Creating a plan for access
A digital asset plan gives individuals you trust access to accounts and files when needed. Include a list of accounts, instructions for handling each one and information about where passwords are stored.
Virginia follows the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which allows designated individuals to manage digital property. A written plan helps ensure access is granted in a secure and lawful way.
Choosing the right tools
Several tools help protect digital assets and guide future management. They include a digital executor designation, updated powers of attorney and written instructions for online accounts. Putting these documents in place helps ensure that your digital property is handled with care.
A complete plan reduces confusion, lowers stress and protects important information during difficult times. With skilled legal guidance, you can rest easier knowing that your online accounts and stored information are accessible and will be managed according to your wishes.