Digital Assets To Consider in a Maryland Estate Plan

 Posted on November 14, 2024 in Estate Planning

As technology continues evolving, so do the ways we store and manage important legal, financial, professional, and personal information. Digital assets have become an essential part of our daily lives, but many people overlook them when creating their estate plans. If you are ready to create or update your estate plan in Maryland, speak with a qualified Silver Spring, MD estate planning lawyer about how your digital assets will be handled after your death.

Why Should Digital Assets Be Included in an Estate Plan?

Digital assets are online or electronically stored information and assets that have financial or personal value. They can include social media accounts, email accounts, financial accounts, cloud storage and digital files, cryptocurrency, websites, domain names, or digital entertainment.

Failing to address these in your estate plan can create obstacles for your beneficiaries after your death. Your heirs or executor could be locked out of your digital accounts, which would make them unable to manage them or close them down. It is important to ensure that whoever you want managing your accounts has proper access to them.

There is also the matter of financial value. Cryptocurrency can be worth a significant amount of money, but it is worthless if no one can access it. The same is true for valuable intellectual property that your heirs can benefit from. Without making arrangements for their ownership, these items will not be useful for the people you want to leave them to.

Privacy is another concern. If your digital assets contain sensitive financial or personal information, it can be important to make sure they are handled by someone you trust. Without being informed how to access it, an executor cannot properly manage it.

How to Address Digital Assets in an Estate Plan

If you want to make sure your digital assets are handled according to your wishes, the following are some important steps:

• Make an inventory: Make a list with the names of each service or platform, your account usernames and passwords, and any special instructions, including whether you want the accounts to be maintained, transferred to anyone, closed, or deleted.

• Appoint a digital executor: This should be someone you trust, who you can rely on to follow your instructions for handling your digital assets.

• Grant legal access to your digital accounts: The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) allows you to designate a fiduciary, or an agent or executor, to have access to your digital assets.

Schedule a Free Consultation with a Silver Spring, MD Estate Planning Lawyer

Digital assets are an important part of contemporary estate planning. Addressing them in your arrangements can ensure that your beneficiaries are capable of handling your digital property according to your wishes. An experienced Potomac, MD estate planning attorney can help. At The Eleff Law Group, we are passionate about guiding our clients as they make important decisions about the future. Call us at 301-857-1990 to schedule a free consultation.