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Accounting for digital assets in an estate plan

Those who live in Florida or any other state will need to make sure that their estate plans account for digital assets. These assets may include bank accounts, social media accounts and anything else that is accessed by a computer or internet connection. Therefore, an email account, photos that are kept online or online subscriptions paid for with a credit card could be considered digital assets as well.

It is important to consider how an executor may be granted the right to access a device such as a computer or tablet. It is also important to determine how an executor will be granted access to each account that a person has on a given device. In some cases, simply providing the password to a social media or bank account is good enough to comply with a provider’s terms of service.

The Uniform Fiduciary Access to Digital Assets Act may also make it easier to ensure that they are dealt with according to the deceased person’s wishes. Leaving detailed instructions can also be helpful when it comes to determining what happens to a digital asset after passing. For instance, an individual can ask that some accounts stay open while others should be closed. If an account is generating income, it is a good idea to note what should happen with that money.

Trusts, wills and other documents may all play key roles in an estate plan.Trusts can help keep an asset outside of an estate, which could mean that it can be transferred quickly and privately. A will may allow an individual to leave instructions for how assets still inside the estate should be transferred. An attorney might be able to help a person create an estate plan or review any documents already in existence.

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