In today’s connected world, your digital life holds real value — from financial accounts and cryptocurrency to social media profiles and cloud-stored photos. Yet most estate plans completely ignore digital assets. Here is why that is a mistake and what you can do about it.
What Are Digital Assets?
Digital assets include email accounts, social media profiles, digital photos and videos, cryptocurrency and digital wallets, online banking and investment accounts, domain names and websites, loyalty program points, digital subscriptions, and cloud storage files. Many of these have real financial value, and all of them may contain information your family needs access to.
The Problem: Access After Death
Most online platforms have strict privacy policies that prevent anyone — even family members — from accessing accounts after a user dies. Without proper planning, your family may face a maze of legal procedures and corporate policies just to access your email or close a social media account, let alone manage financial accounts.
Maryland’s Revised Uniform Fiduciary Access to Digital Assets Act
Maryland has adopted this act, which provides a framework for fiduciaries — like your executor or trustee — to manage digital assets. However, the law generally defers to the terms of service of each platform, making advance planning even more important.
Steps to Protect Your Digital Legacy
Create a comprehensive inventory of all digital accounts and assets. Specify in your estate plan who should have access to which accounts. Use each platform’s built-in legacy or memorialization tools where available. Store access information securely — consider a password manager with emergency access features. Include digital asset provisions in your will or trust.
SoMD Estate Planning can help you incorporate digital asset planning into your overall estate plan. Contact us to get started.
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