{"id":134,"date":"2023-05-05T15:29:17","date_gmt":"2023-05-05T15:29:17","guid":{"rendered":"https:\/\/transitions.estateandelderlawgroup.com\/?p=134"},"modified":"2023-05-10T17:12:46","modified_gmt":"2023-05-10T17:12:46","slug":"managing-your-digital-assets","status":"publish","type":"post","link":"https:\/\/transitions.estateandelderlawgroup.com\/managing-your-digital-assets\/","title":{"rendered":"MANAGING YOUR DIGITAL ASSETS"},"content":{"rendered":"\n

Managing your digital assets<\/h2>\n\n\n\n

The Caldwell Law Team<\/strong><\/h1>\n\n\n\n
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Have you ever wondered how your digital assets are managed when you are unable to manage them yourself? What happens to all your online accounts when you die? In today\u2019s world, it is extremely important to plan for your digital assets.<\/p>\n\n\n\n

First of all, just what are digital assets? Digital Assets are intangible personal property stored and\/or accessed by any electronic means, whether on a personal computer, cell phone, computer network, portable electronic storage device or media, or through and\/or over the internet. These can include your bank accounts, investment accounts, accounts with health care providers, social media accounts (such as Facebook and Twitter), gambling and poker accounts, email accounts, and accounts with utility companies. Giving your helpers (agents, Trustees, and executors) the right to manage these assets on your behalf is critical to the success of all estate plans.<\/p>\n\n\n\n

Digital assets are most commonly protected by passwords, sometimes more. Given the multitude of digital assets we all have, managing the passwords for each one (which should be different and difficult to \u201ccrack\u201d) can be a daunting challenge. Happily, password managers allow you to store your online passwords in one location. Instead of keeping your passwords in a variety of notebooks, word documents, sticky notes, etc., you can store your password by using computer software. Not only do password managers keep all your passwords organized, but you need to only remember one password to access your other passwords. In addition, when you change passwords, a password manager can automatically update your stored password database\u2014you do not need to input the changes manually. Using password managers allows you to use more sophisticated, and therefore safer, passwords for your account. There are a number of password managers on the market, including Bitwarden, LastPass, 1Password, Dashlane, Keeper, and KeePassXC. Some are free, some must be paid for.<\/p>\n\n\n\n

In addition to making it easier for you, password managers make it easier for your helpers. But, helpers beware: Having access to the principal\u2019s passwords upon incapacity or death is not enough. Helpers must also be authorized to use the passwords and access the principal\u2019s various digital assets. Without authority to do so, they could be breaking the law. Fortunately, there are simple steps to prevent this from happening. Many digital assets have established a legacy contact tool to authorize your helpers to manage your accounts.<\/p>\n\n\n\n

Legally, your digital assets now have some protection. The Revised Uniform Fiduciary Access to Digital Assets Act of 2015 (RUFADDA) was enacted to: 1) \u201cgive fiduciaries the legal authority to manage digital assets and electronic communications in the same way they manage tangible assets and financial accounts . . . and 2) give custodians of digital assets and electronic communications legal authority to deal with the fiduciaries of their uses, while respecting the user\u2019s reasonable expectation of privacy for personal communications.\u201d In short, RUFADAA provides your helpers access to your digital assets and allows digital service providers (\u201ccustodians\u201d) to implement rules protecting your information.<\/p>\n\n\n\n

RUFADAA contains a three-tiered approach to what governs a helper\u2019s access to your digital assets:<\/p>\n\n\n\n