Tag Archives: Digital assets

Seen a digital assets & legacy infographic?

51j2ST20YwL._SX384_BO1,204,203,200_We came across a very easy to read and understand infographic.  It provides important information about estate and digital asset planning.  Although the data is based on a survey done in the United Kingdom, the figures are probably very similar to what would be found if the same survey were done in the United States.

In light of the digital all-encompassing digital world in which we live, it’s especially amazing that almost 75% of people believe that it’s important to be able to view a loved one’s social media presence after their death.  Yet less than 5% of those people have used the Facebook and Google tools available to enable this to happen.

Less than 10% of people have made any plans for their social media accounts to remain active after they die and only 3% have made any plans for purchased digital assets.

Only about half of the people queried have shared with anyone the password for their mobile phone or computer.

Digital planning is a critical part of putting your estate plan in place prior to your death.  Otherwise, your wishes may not be carried out and, even more importantly, your heirs may not be able to access your online assets.  Since no one knows when he or she is going to die, it’s important for everyone to take the necessary steps and put together a legal estate plan now.

For more information about digital estate planning, go to www.diesmart.com or purchase our book ACCESS DENIED: Why your passwords are now just as important as your will.

Does your state law protect your digital assets?

51j2ST20YwL._SX384_BO1,204,203,200_Last year, a comprehensive law was proposed by the National Conference on Uniform State Laws.  That law places access to a wide range of digital assets on a par with access to traditional tangible assets.

“As the number of digital assets held by the average person increases, questions surrounding the disposition of these assets upon the individual’s death or incapacity are becoming more common.  Few laws exist on the rights of fiduciaries over digital assets.  Few holders of digital assets and accounts consider the fate of their online presences once they are no longer able to manage their assets.”

Nearly half of U.S. state introduced legislation in 2015 to enact this revised Uniform Access to Digital Assets Act (UFADAA).  However, most of them have been unable to actually pass the law due to opposition from Internet and telecommunications companies.  As of March 2016, only four state have enacted legislation based on this Act – Oregon, Wyoming, Tennessee and Florida.

Are you concerned about who will have access to your digital assets when you become incapacitated or die?  Do you care whether family members can see your emails and other personal electronic correspondence?  Would you prefer that loved ones can continue to maintain your Facebook account or do you want it shut down?  These are just a few of the questions that the revised UFADAA may be able to address…only if your state adopts appropriate legislation.

For more information about digital assets, check out our book ACCESS DENIED or go to our website www.DieSmart.com.

Do you want to plan your own funeral?

EverestFuneralConciergeMeetWillIt used to be that if you wanted to plan your own funeral, you would sit down with pen and paper and write down your ideas.  The ideas might be very simple  or, conversely, completely elaborate.  However, they would only be documented on that paper you prepared.

Today there are alternatives.  Three of the latest apps that can help you are Everest, Cake and SafeBeyond.  These death apps promise to “help a person organize his or her entire online life into a bundle of digital living wills, funeral plans, multimedia memorial portfolios and digital estate arrangements.”  In addition, some death apps digitally transmit account passwords to your loved ones after you die.

Another service, Afternote, offers templates so you can create a multimedia tribute about yourself while you’re still alive.

The article I read on this subject had a headline “My name’s Will, and I’m dead.”  (See photo above.)  While he was still alive, Will left a detailed plan for the funeral he wanted and his family was able to use his plan to make arrangements.  He made a video explaining what he’d done and explaining why.  After his death, his loved ones watched the video and, although they were upset, the were not as stressed as they would have been if they had to plan the whole thing themselves and guess at what Will would have wanted.

Many people are beginning to incorporate their digital lives into their end of life plans and are recognizing how important a step it is.  According to a 2011 McAfee study, the average American valued their digital assets at around $55,000 and had at least 90 online accounts.    If the valued assets and access to the online accounts are not documented, they may all be lost after death.

It is important that you start making a plan today.  It doesn’t matter whether it’s on paper or developed thru an online software program like one of these.  Regardless, you should start planning today.

In addition to looking at software programs, you should read our book Access Denied to find out what you have to do to make sure that your loved ones will have access to everything once you’re gone and check out our website www.diesmart.com.

 

What’s UFADAA and why should you care?

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We’ve talked several times about the importance of managing your digital assets and making sure your loved ones will be able to access them when you’re gone.

UFADAA stands for Uniform Fiduciary Access to Digital Assets Act.  It was developed by the National Conference of Commissioners on Uniform State Laws and is a recommended act that all states are encouraged to enact.  The first approved version of the act did not meet the needs of the states and very few of them approved it.  However, in late 2015, a revised act was passed.  It has several important points:

  • It gives internet users control.  It allows users to specify whether their digital assets should be preserved, distributed to heirs or destroyed.
  • It provides efficient uniformity for all concerned.  Digital assets cross state lines.  A uniform law ensures that fiduciaries (the people who are appointed to manage our property when we die or are unable to manage it ourselves) in every state will have equal access to digital assets and custodians will have a single legal standard with which to comply.
  • It respects privacy interests.  It prevents the companies that store our communications from releasing them to fiduciaries unless the user consented to disclosure.
  • It works hand-in-hand with federal and state law.  Fiduciaries must provide proof of their authority in the form of a certified document.  Custodians of digital assets that comply with a fiduciary’s apparently authorized request for access are immune from any liability under statutes that prohibit unauthorized access.  A fiduciary’s authority over digital assets is limited by federal law, including the Copyright Act and the Electronic Communications Privacy Act.

19 states are considering passing a law that encompasses at least some of what was recommended in the revised UFADAA.  You should contact your representatives and urge them to enact this legislation.  It will make it much easier for you to manage the digital estate of a loved one after he or she has died.

For more information about UFADAA and other issues related to your digital estate, check out our book ACCESS DENIED: WHY YOUR PASSWORDS ARE AS IMPORTANT AS YOUR WILL.

 

Do you know what your digital assets are worth…and what happens to them when you die?

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A 2013 estimate by McAfee found that the average person’s digital assets are worth $35,000.  That may be in things such as airline miles, purchased media, online bank accounts, Bitcoins, domain names.  Regardless of what they are in, their value can add up quickly.

As my attorney put it, “The digital world is today’s Wild West.  There are no sheriffs and no predictable law.”  Yet you have to find a way to protect these assets and to pass their worth on when you die.

A recent blog by Sharon Fisher gave some great examples of people who didn’t do anything and what happened when they were gone.

A son gave up about $2000 that resided in a PayPal account because his father hadn’t left a will granting him possession to those funds.

Michael Hamelin, a hacker who died in an accident had secured his family’s systems so well that even with the help of other hacker friends, his wife hasn’t be able to gain access to some of their files, including the only copies of digital photos they owned.

Peggy Bush, who we previously wrote about, was a Canadian widow who was told by Apple that she’d have to get a court order for the company to reveal the password to an iPad card game she and he husband linked to play.

In addition to policies of each company that has an online presence, laws vary by state.  It’s a very complex situation.

Be sure you have a plan for how to deal with your digital assets.  Check out our book, ACCESS DENIED: WHY PASSWORDS ARE AS IMPORTANT AS YOUR WILL, which will walk you thru the issues and help you to figure out what to do.