Planning for the future involves more than just physical assets. In today’s digital age, it is important to also consider your digital ones.
To ensure these assets will be properly handled when you are gone, it is helpful to understand how to include digital assets in your estate plan.
Identify your digital assets
Begin by making a list of your digital assets. This list should include email accounts, social media profiles, online banking and investment accounts. Do not forget about electronic files stored on computers or cloud services. Cryptocurrencies and digital wallets also fall into this category.
Choose a digital executor
A digital executor handles your assets after you pass away. This person should be someone you trust and who understands this kind of technology. Be sure to provide them with clear instructions on how you want your digital assets managed and distributed.
Store login information securely
Your digital executor will need access to your online accounts. Store your usernames and passwords in a secure location. This could be a password manager or a locked, physical document. Make sure your executor knows how to access this information.
Understand Indiana’s digital asset laws
Indiana’s laws follow the Revised Uniform Fiduciary Access to Digital Assets Act. This law lets you grant access to a designated person. Under RUFADAA, you must provide explicit consent in your will, trust or power of attorney for your executor to access your digital assets.
Update your estate plan regularly
Digital assets can change frequently, so keep your estate plan up-to-date by regularly reviewing and updating your list. Revise login information and any instructions for your executor as needed. This ensures that your estate plan remains accurate and comprehensive.
By including digital assets in your estate plan, you can provide clarity and ease during a difficult time for your loved ones.
