Law Office of Macklin K Everly

As we rely more on digital platforms for everything from banking to social media, it’s crucial to ensure your online assets are properly handled when you’re no longer here. In Ohio, estate planning isn’t just about physical assets like property or investments anymore; it must now include your digital footprint. But how exactly do you incorporate digital assets, like online accounts and cryptocurrency, into your estate plan?

What Are Digital Assets?

Digital assets encompass a wide range of items, including:

– Cryptocurrency (e.g., Bitcoin, Ethereum)

– Online financial accounts (e.g., PayPal, Venmo)

– Social media profiles (e.g., Facebook, Instagram)

– Email accounts

– Digital photos and videos

Many of these assets have either financial or sentimental value, making it essential to include them in your estate plan.

The Importance of a Digital Estate Plan

Without a specific plan for your digital assets, accessing these accounts can be a major hurdle for your loved ones. Due to privacy policies and cybersecurity concerns, platforms may refuse to provide access or delete accounts upon receiving notice of your death. Under Ohio law, the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) governs how digital assets are managed after someone passes away. This law allows individuals to give legal permission for a designated person to access and manage their digital accounts.

How to Include Digital Assets in Your Estate Plan

1. Inventory Your Digital Assets

   Start by listing all your digital assets, including usernames, passwords, and instructions on how to access them. Make sure this list is secure but accessible to your fiduciary or estate executor.

2. Appoint a Digital Executor 

   Ohio law allows you to name a digital executor, separate from the executor of your estate, who will be responsible for handling your digital assets. This person should be tech-savvy and trustworthy.

3. Grant Legal Access 

   You can use the provisions of Ohio’s Revised Uniform Fiduciary Access to Digital Assets Act to legally authorize your executor to access and manage your online accounts. Without this permission, even a court-appointed executor may be unable to access your digital assets.

4. Include Instructions for Cryptocurrency  

   Cryptocurrency is a unique digital asset that requires specific instructions due to its decentralized nature. Make sure your estate plan includes details on how to access your digital wallet and any private keys associated with it.

5. Regularly Update Your Plan  

   As technology changes and new accounts or assets are created, your estate plan should be updated to reflect your current digital inventory.

Protecting Your Digital Legacy

A well-drafted estate plan that addresses your digital assets can help prevent identity theft, preserve valuable online assets, and reduce stress for your loved ones. By ensuring that your online presence is managed according to your wishes, you can protect your digital legacy as well.If you’re ready to update your estate plan to include digital assets, I’m here to help. Schedule a virtual consultation and safeguard your estate for the future.