Digital assets like social media accounts, online subscriptions, photos stored in the cloud, and cryptocurrencies are common today. Managing these assets after someone dies can be tricky.
Estate administration can become complex under Florida laws, which have specific provisions for digital asset management.
What are digital assets?
Digital assets include any electronic record or online account that holds value or contains important information. When a person passes away, the executor or administrator must handle their digital assets properly, just as with physical property.
Florida’s rules for digital assets
In Florida, the Florida Fiduciary Access to Digital Assets Act helps guide how these assets are managed after death. This law lets an estate administrator access and manage digital assets, but only if the deceased person allowed it in their will or another legal document. If this permission isn’t given, it can be hard to access these accounts.
Challenges in managing digital assets
There are some specific challenges when dealing with digital assets. Passwords and security settings can make it hard for an estate administrator to get into these accounts. Some online services also have strict rules about what happens to accounts after someone dies. Working through these obstacles carefully can ensure that digital assets are properly handled and valued, and passed on to the right people.
The importance of planning ahead
Planning for digital assets is very important. People should include clear instructions in their wills about what to do with their digital assets. It’s also helpful to make a list of all digital accounts, with login details, to help the administrator manage the assets smoothly after the decedent passes.
Managing digital assets in estate administration requires careful attention to both legal requirements and practical considerations, making early planning essential. A proper understanding of digital assets can help prevent problems.