Your Digital Assets Inventory
Florida’s Fiduciary Access to Digital Assets Act empowered fiduciaries, including personal representatives, to access digital information if necessary. That power may not be particularly helpful if your personal representative cannot find your digital assets and login information. Preparing a digital assets inventory is an important part of your estate planning.
What Information Should a Digital Assets Inventory Include?
As you prepare your list, include as much information as you think a personal representative would need to be able to access your device or account.
- Make a list of all your desktops, laptops, tablets, smart phones, and any other devices. You might want to include passwords to access them, serial numbers, and any insurance policies covering them.
- Stored Data. You may have stored files on your computer, flash drives, or a cloud account. Note what you have stored, where it is stored, how to access it, and what to do with it.
- Online Accounts. List your online financial accounts, along with the login information. Note how you want the accounts handled.
- Social Media and Email. Include names, login information, and what you would like to be done with the accounts.
- Websites. If you own any websites or domain names, include them on the list. Let people know how you want them to be handled.
Please note that while you can refer to digital assets in your Will, never include personal information or logon information. Wills become public record during probate.
Security Concerns?
Where to store your digital assets inventory may be a great concern. Store it in a secure location with your important papers, like your Will. Make sure that at least one person knows where the inventory is and what to do with it.
Terms of Service Agreements
These agreements are probably part of the fine print that none of us read when we’re opening an online account. However, we probably should. The terms of service agreement controls the relationship between the user and a custodian. You are the user. The custodian is the person or entity that stores or manages the owner’s digital assets.
Many custodians offer an online tool that allows users to state who can access their accounts and for what purpose. The online election overrides a user’s Will, power of attorney, or other estate planning document.
Call Today.
While preparing your estate plan, there’s a good chance you will inventory your property. Make sure you take a few moments to consider your digital assets. If you pass away or become incapacitated, your family will need to know how to handle your online accounts and other digital assets.
At Law Offices of John Mangan, P.A., we help clients build a solid plan for their estates, then keep that plan up to date. Please contact us at 772-324-9050 to schedule an appointment or fill out our Contact Form. We are located in Palm City, Florida, and serve clients in surrounding communities like Stuart, Hobe Sound, Port St. Lucie, and Jupiter.