How are Digital Assets Handled After You Pass Away?
After you pass away, your online presence does not just disappear. Your social media accounts, cryptocurrency, and email address all still exist but your loved ones may be locked out of them if you do not grant them legal authority to access them. The Uniform Fiduciary Access to Digital Assets Act in Utah grants certain individuals the right to access and manage your online accounts after you pass away or become incapacitated. However, it is still critical that you plan for this type of property appropriately. Below, our Utah estate planning lawyer explains more.
Common Types of Digital Assets
There are many different types of digital assets governed by the Uniform Fiduciary Access to Digital Assets Act. These can include:
- Cryptocurrency and digital wallets
- Online business accounts
- Domain names
- Social media profiles
- Email accounts
- Cloud storage files
- Digital music, videos, and photo libraries
- Online gaming assets
- Loyalty rewards points
How Does the Act Address Digital Assets?
The Act gives appointed fiduciaries the legal authority to access and manage your digital assets after you pass away or become incapacitated. To ensure a trusted individual is given this authority, you must appoint them in your estate plan. You can do this through a will, trust, or a power of attorney.
The primary functions of the Act are as follows:
- Grant access: The Act gives fiduciaries the authority to manage digital property.
- Protect your privacy: The Act separates basic access to your accounts and the content of private communications such as text messages and emails. While your fiduciary may be able to see a list of emails, they cannot read the private messages unless you have given them explicit permission to do so using legal documents or the tools of the platform.
- Protects service providers: The Act also gives custodians and tech companies immunity when they release account data to authorized representatives.
Why Leave Instructions in Your Estate Plan?
It is important to name a fiduciary that can access your online assets after you pass away in your estate plan. Without doing so, your loved ones may have to rely on each individual platform’s protocol, and this can take a great deal of time. Your family members may also face long legal battles in order to simply access your digital assets. Valuable business records, financial accounts, and precious memories may also be permanently lost.
Our Estate Planning Lawyer in Utah Can Ensure All of Your Property is Protected
It is important to ensure that all of your property is protected after you pass away or become incapacitated. Unfortunately, too many people overlook their digital assets when drafting their estate plan. At AGS Law, our Utah estate planning lawyer can review your situation with you, ensure all of your property is accounted for, and ensure the necessary documents are executed properly so you can have the peace of mind you need. Call us today at 801-477-6144 or fill out our online form to schedule a consultation and to get the legal help you need.
Source:
le.utah.gov/xcode/Title75A/Chapter6/C75A-6_2024090120240501.pdf
