Digital Asset Planning
We live in a digital age where important financial information and our precious family memories (photos and videos) live online. You have to plan for them! Our plans cover everything from email and financial accounts to social media and cloud services (like iCloud and Google Drive).
Access to Digital Account Information
In years past, the only way for successor trustees or personal representatives to collect account information was to wait for bills or statements to come in the mail. But, as technology has advanced, most of us receive digital bills and statements. So, watching the mail would result in terrible results.
A Digital Asset Trust allows you to plan for your information that is stored digitally in a way that protects your privacy, all while preserving your legacy.
Preserving Family Memories
Gone are the days of getting rolls of film developed and saving stacks of family photos in albums or a cardboard box in your closet. The majority of us have countless photos and videos of ourselves and loved ones stored only digitally. If you’re using services like iCloud, Google Drive, or other file storage services, those accounts technically die with you—and so do your photos and videos. We call these “Human Assets”, and they often mean more to your loved ones than any other asset you plan for.
The Law Behind Digital Asset Planning
The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) is the law that gives you the right to include your digital information in your estate plan. The law defines digital assets as: Your information that is stored electronically.
What If I Don’t Have Any Digital Assets?
You may be thinking, “All of my bank statements are paper. I don’t own a computer or smartphone. So, I don’t have any digital assets.” However, your bank is keeping electronic records of your information, which means you have digital assets. Also, while your trustee, agent, or personal representative can do the old-school practice of waiting for your statements to come in the mail, it’s a slow process. Considering that probate and estate administration can already take a lot of time, waiting for your mail to come only stretches it out longer for your loved ones. At the minimum, you need to give the people named in your plan the power to access an inventory of digital assets that includes the type of bank account, legal owner(s), value, and beneficiaries. This is the essential information they need to manage your estate.
How Does Digital Asset Planning Protect My Privacy?
It is a common misconception that you should or could just share your passwords to your online accounts with your family. In fact, most terms of service don’t allow you to do that. Also, it doesn’t allow for your accounts to remain private to you because you would have to share this while you are still alive and using your email or other accounts. With a Digital Asset Trust, your family can receive a simple list of your emails without access to read the content.
Ready to Make a Plan for Your Digital Assets?
Contact us today to schedule your free one-hour meeting with an attorney to assess your estate planning needs.
What Our Clients Say About Us
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“My wife and I initially contacted Mr. Dana through our company’s legal plan. Given the plan covers much of the cost for wills, trusts, etc. we didn't expect the level of help we received from Rilus Law. Mr. Dana walked us through the process from start to finish, met with us on multiple occasions to make sure all of our questions and concerns were addressed, and was more than patient with us on completion of documentation on our side. In the end, we now have our trust, wills, powers of attorney, and a digital trust to make sure all of our online pictures and videos are passed on to our children when we pass. We can't thank Mr. Dana enough for his guidance, knowledge of probate law, and the peace of mind that we now have all our bases covered when the time comes.”
Rob L.
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“Great experience with Rilus Law. Attorney Rilus Dana was very thorough in explaining the function of each estate planning document (will, trust, living will, powers of attorney, etc.) and how different situations would be handled. I appreciated how technology-savvy the firm is and that they also addressed issues such as how to direct the handling of your digital assets and what you should do with regard to your online/cloud accounts such as Facebook, Google, and Apple. I especially appreciated having a secure online location for these estate planning documents that can be shared with my successor trustee. I also received a hard copy of the documents with instructions on how I can fund the trust as well as instructions to help my successor trustee know what to do when these documents come into play. Everyone I worked with was very pleasant and responded in a timely manner. I would definitely use them again and would recommend them to a friend!”
Bryan S.
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“The team walked us through all the details for setting up a trust, new wills, POAs, digital asset trusts, and data vaults, and it was very efficient and well explained. The team was very patient, thorough, and addressed all of our concerns. I have referred Rilus Law to others in my company and will have all future updates and legal work done with this great team. A very satisfied customer.”
Brad S.
