Over the past several decades, technology has established a pivotal role in our daily lives, leaving us with more online accounts and login credentials than we can keep track of. When the time comes, and you are no longer able to manage these accounts, they will continue to exist. This is why it is important to integrate your digital assets into your estate plan. Just as it does with your tangible assets (i.e., real estate, vehicles, jewelry), a detailed plan for your digital assets will relieve your family of the strife and burden of managing your estate once you pass.

Your digital assets include any online account you own that is protected by log-in security (i.e. username and password). Examples include:

  • Online subscriptions
  • Emails accounts
  • Social media accounts
  • Online bank accounts
  • Virtual currencies
  • Music and video accounts
  • Cloud storage
  • Digital photograph accounts
  • Gaming sites
  • Income-generating websites

Digital assets are a relatively new concept, and in 2016, Michigan enacted the Fiduciary Access to Digital Access Act. FADAA extends traditional fiduciary power of tangible assists to digital assets. Fiduciaries are authorized to manage digital property such as computer files, web-domains, and virtual currency. However, fiduciaries have restricted access to electronic communication such as email, texts, and social media accounts unless granted access in a will, trust, power of attorney, or another legal document.

There are several steps you must carefully take to incorporate your digital assets into your estate plan. This is where Kendal Law Group can help. Please contact Kendal Law Group PC for your free initial consultation.