Seemingly every day, the world is becoming more digitized. As a result, almost everyone has developed their own digital footprint. Digital assets can include email accounts, social media accounts, stored photos, cryptocurrency, websites, blogs, and more. You might be curious about what will happen to these digital assets after death. It is important not to forget these assets when planning for your estate to ensure that they are not neglected or used for fraudulent purposes.
What Does Minnesota Law Say Regarding the Disposition of Digital Assets?
Minnesota has adopted the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). RUFADAA permits individuals to plan for the management and disposition of digital assets as if they were tangible personal property. Therefore, you can permit your heirs to receive your digital assets such as websites, social media accounts, or online photos.
What Can I Do to Develop an Estate Plan to Protect Digital Assets?
There are multiple things that you can do to protect your digital assets and smooth the process of making a digital estate plan.
Conduct a Digital Audit
To protect your assets, you should create an inventory of the various categories of digital assets that you possess which can include social media accounts, email accounts, stored photos, online bank accounts, websites, blogs, domain names, and more. The inventory should also list the username, account number, and password for each asset. Such a list should also be protected in either a secure location or password management software.
Cryptocurrency also presents more unique challenges compared to other digital assets. As many cryptocurrency owners are aware, cryptocurrency does not require personal information upon purchase. Therefore, owners must keep their own records regarding ownership, the date of purchase, and the digital key permitting access.
Appoint a Digital Executor or Personal Representative
Similar to how someone is appointed to handle tangible assets, there should also be someone who should be placed in charge of your digital assets after death. In other words, you want to appoint an agent oversee your digital assets.
Work With an Attorney!
Digital estate planning can be a confusing and tedious process. Working with an attorney can assure that all of your digital assets are accounted for while avoiding any legal pitfalls. Dudley and Smith, P.A. has multiple skilled attorneys, who can help you develop a digital estate plan. If you have questions about planning for your digital assets, please contact our firm at 651-291-1717. Dudley and Smith, P.A. is a full service law firm with offices in Blaine, Bloomington, Burnsville, Woodbury, Eagan, Eden Prairie, Roseville, Mendota Heights and White Bear Lake.
The law is continually evolving and Dudley and Smith, P.A.’s blog posts should not be relied upon as legal advice, nor construed as a form of attorney-client relationship. Postings are for informational purposes and are not solicitations, legal advice, or tax advice. A viewer of Dudley and Smith, P.A.’s blog should not rely upon any information in the blog without seeking legal counsel.