Tag Archives: Digital assets

Where does your Pokemon go after you die?

PokemonEveryone today has several online account and is part of the digital world.  Are you one of the millions of people playing Pokemon?  Are you using real US dollars to make in-game purchases?  Do you place a real value on your game progress?

Well what happens to your account when you die?  According to a recent Forbes article, if you have online accounts for things like Pokemon, Facebook, LinkedIn, Twitter and Gmail,  the answer is not a simple one.

First  you need to look at federal and state law.  At the federal level, there isn’t any direct authority related to digital assets.  At the state level, some states have enacted legislation to allow an estate’s executor to gain access to some digital assets upon the death of their owner.  However, this legislation does not extend to all 50 states and is not totally consistent in its direction.

Once digital assets are treated more like physical assets, then your will, trust or state succession laws will determine how these accounts are transferred.  However, you may not want all of these assets transferred; you may want them deleted on your death.  For example, you may not want your spouse to read all of your emails or private Facebook messages.  You will need to indicate your wishes in your estate plan.

If you have online accounts at places like Home Depot or Lowes, you may want to direct your executor to pay any outstanding balance and then delete that account so that it can’t be hacked.

Have you read the service agreements that you clicked “okay” for when you signed onto Pokemon Go or Facebook or Gmail.  They put restrictions on your ability to share passwords or to transfer the account.  “In fact, Pokemon Go’s contract gives you a ‘limited nonexclusive, nontransferable, non-sublicensable license to the application.”  What this means is that when you die, your Pokemon Go account is dead as well.

As you can see, online accounts are governed by documents as well as state laws.  You need to carefully read the agreements that you “sign” so you can understand what you really have….or don’t.  When you prepare your estate plan, make sure that you include a list of the names of all of your online accounts, their passwords and usernames so your family can access your accounts when you die.  Develop a plan for the disposition of those accounts when you die.  It is an important part of any estate plan.

For more information about your digital estate, check out our book, Access Denied: Why Your Passwords Are Now As Important As Your Will.

Many states join the UFADAA bandwagon

ULCLogoEarlier this year, we wrote about the first state to adopt the new, revised UFADAA (Uniform Fiduciary Access to Digital Assets Act) recommended statute.  This statute makes clearer the ways which an estate executor and others can deal with your digital assets when you die.

Indiana, this week, joined the ranks of states that have decided to pass a “law that addresses the rights of a fiduciary, such as a personal representative, trustee, attorney-in-fact or guardian, to access digital property, such as online financial accounts, emails, texts, social media accounts and online document and picture storage.”

Since digital assets are a large part of many people’s estates, this new act has become more important.  States are recognizing this and, as of this date, many have either adopted the act or are in the process of considering it.

For information about whether your state has adopted this important act yet, click here.

For more information about digital estate planning, check out our book “Access Denied: Why Passwords Are Now As Important As Your Will” or go to our website www.diesmart.com.

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.