In our increasingly digital world, our online lives have become extensions of our physical selves. From social media to financial accounts, digital assets hold significant value. Despite their prevalence, loved one’s can have issues accessing them after your incapacity or death.
Potential Accessibility Issues for Digital Assets
Imagine your loved ones trying to access your online accounts after your death. Without management of your digital assets, they are locked away by passwords, legalities, and complex terms of service. Your digital assets can become a frustrating maze.
Here’s why:
- Password Protected: Most accounts are guarded by private passwords, making it difficult for others to access them without prior knowledge.
- Data Privacy Laws: Laws protecting user data privacy can further restrict access, preventing unauthorized entry, even for loved ones.
- Terms of Service Maze: Many online platforms have complex terms of service agreements that limit access after death. Without clear instructions, your loved ones might struggle to recover your digital assets legally.
However, there’s hope! The legal landscape and service providers are adapting to this new reality.
RUFADAA to the Rescue
The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) is a game-changer. Adopted by many states, including Florida, RUFADAA creates a tiered system for accessing digital assets:
- Tier 1 Pre-Designated Access: If a service offers a tool to designate what happens to your account after death (like Google’s Inactive Account Manager or Facebook’s Legacy Tool), your loved ones can easily gain access based on your pre-selected preferences.
- Tier 2 Will Power: If there’s no designated tool, your will or other legal documents can provide instructions on how to handle these assets.
- Tier 3 Terms of Service Takeover: In the absence of the first two options, the specific terms of service for each platform dictate access. Unfortunately, these agreements often limit access after death, which could potentially mean that your loved ones will lose information necessary to handle your estate.
The laws and regulations surrounding data and digital assets are still evolving and vary from state to state, if you or a loved one are thinking of creating a traditional estate plan or want guidance on how to create a digital estate plan, contact a local elder law attorney. For a consultation with our office, please call (850) 894-0152.
