Plan Ahead: Protect Your #DigitalFootprint

As the world goes paperless, digital assets like photos, videos, social media accounts, and even virtual property are becoming really important. But, not many people are planning for what will happen to their digital stuff after they die. The laws about this stuff are always changing, and different websites have different rules. So, it’s important for people to think about what they want to happen to their digital things and make a plan for it. Digital assets can have real value, like virtual property selling for thousands of dollars. Just like regular property, digital assets need to be taken care of and protected after someone dies. Digital assets, like online accounts and files, are hard for fiduciaries to access. This is because passwords and encryption can block them, and state and federal laws have not caught up with technology. Only a few states have laws about this, and federal laws are outdated. This makes it difficult for fiduciaries to access digital assets. The SCA and CFAA are laws that make it difficult for family members to access a deceased person’s online accounts. The SCA says that online service providers like Facebook don’t have to give out account information, even if the family has permission. The CFAA makes it illegal for family members to access online accounts, even if they have the username and password. So, it’s hard for family members to get into a deceased person’s online accounts because of these laws. When you sign up for an online account, you agree to a terms of service agreement. These agreements often say you can’t let anyone else use your account. Breaking this rule could be a crime. It’s also a problem for people who need to manage someone else’s online accounts, like if they are sick or have passed away. To fix this, a new law called the Uniform Fiduciary Access to Digital Assets Act gives people the right to manage other people’s online accounts legally. The UFADAA is a law that helps fiduciaries, like executors and guardians, access and manage someone’s online accounts after they pass away. It was made to work with federal laws and protect the fiduciaries from getting in trouble for accessing the accounts. The law only applies to fiduciaries, not to family members or heirs. If you want someone to be able to access your online accounts after you die, you should plan for it ahead of time. Make a list of all your digital stuff like passwords, accounts, and files. Update it regularly. Use apps like 1Password, LastPass, or Dashlane to keep track of your passwords. Consider using fingerprint technology in the future. There are also companies that store your digital stuff and only give access to someone if you die or can’t make decisions. But be careful about privacy and if the company will still be around. You can also give someone access during your life by creating a shared account or giving them special permission. Make sure to back up your digital files on things like DVDs, CDs, or a cloud service. After someone dies, their will or trust can give someone the power to access and manage their online accounts and digital assets. This includes things like emails, social media accounts, and digital photos. The will or trust should specifically list which digital assets the person in charge can control and provide instructions on what to do with them. This makes it easier for the person in charge to access the accounts and carry out the person’s wishes. It’s important for people to plan for what happens to their online accounts and digital assets after they die or become unable to manage them. This is because our online presence is growing all the time and can include things like photos, videos, and blogs that are personally important. Planning for this can make it easier for loved ones to manage, prevent identity theft or financial loss, and keep sentimental digital items safe. Laws about digital assets are still changing, so it’s important to work with a knowledgeable advisor to create a plan. You can transfer your Apple iTunes account to someone else when you die, but they can’t transfer the purchases to another account. Mark R. Parthemer is a managing director and senior counsel for a wealth management firm, and Sasha Klein is a vice president and counsel for the same firm. They work on estate planning and trust administration. This information is from the Tax Section of The Florida Bar.

Source: https://www.floridabar.org/the-florida-bar-journal/plan-ahead-protect-your-digitalfootprint/