Digital Asset Planning
Today, most people own digital assets, which include everything from social media accounts, email and online banking accounts, cloud-stored photos, airline miles, blogs, to virtual currencies. As our communications and financial assets have become more digitized, ensuring loved ones and estate fiduciaries are able to gain access once the account holder dies or becomes incapacitated is critical. Without access, fiduciaries may have difficulty winding down accounts and disposing of assets, and the accounts may be left vulnerable to hacks. Loved ones may be unable to memorialize social media accounts or close them down. Professor Naomi Cahn of UVA Law explains some of the impediments to fiduciary access, including online platforms’ terms of service agreements and laws that prohibit internet service providers from disclosing the contents of its users’ communications. She explores the tools and best practices for digital asset planning, including the Revised Uniform Fiduciary Access to Digital Assets Act now adopted in over 45 states.
