How to Handle Digital Assets in Missouri Estate Planning
In today's digital age, managing digital assets is a crucial part of estate planning in Missouri. Digital assets can include social media accounts, email accounts, digital currencies, and various online subscriptions. Properly handling these assets ensures that your wishes are honored after you pass away. Here’s a comprehensive guide on how to manage digital assets as part of your Missouri estate planning.
Understanding Digital Assets
Digital assets encompass a wide variety of items that exist in digital form. Common examples include:
- Social media accounts (e.g., Facebook, Twitter, Instagram)
- Email accounts (e.g., Gmail, Yahoo)
- Digital currencies (e.g., Bitcoin, Ethereum)
- Online storage accounts (e.g., Google Drive, Dropbox)
- Web domains and websites
- Digital photos and videos
Identifying Your Digital Assets
The first step in handling digital assets in estate planning is to identify what you own. Keep an updated list of all digital accounts, including usernames and passwords. This list should also document the types of assets associated with these accounts to facilitate access for your heirs.
Creating an Inventory
Documenting your digital assets is essential. Create a digital asset inventory that includes:
- The platform or service associated with the asset
- The account holder's name
- Your username and password
- Any relevant security questions or two-factor authentication details
Be sure to store this inventory securely, such as in a password-protected document or safe.
Communicating Your Wishes
Once you have identified your digital assets, communicate your wishes to your heirs. Specify how you would like each asset to be handled after your passing. This can prevent misunderstandings and conflicts among family members and ensure that your digital legacy is preserved according to your desires.
Utilizing a Digital Estate Plan
Consider including digital assets as part of your overall estate plan. Consult with an estate planning attorney knowledgeable in digital assets to draft appropriate documents. This may include:
- Wills: Clearly state who will inherit specific digital assets.
- Trusts: Use a trust to manage your digital assets before they are transferred to beneficiaries.
- Power of Attorney: Designate someone to manage your digital accounts during your lifetime if you become incapacitated.
Understanding Missouri Laws
Missouri has specific laws regarding digital assets, such as the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). This law empowers fiduciaries (personal representatives or agents) to access and manage digital assets, provided you give them explicit permission in your estate planning documents. Familiarize yourself with these laws to ensure compliance and facilitate the management of your digital assets.
Forming an Online Policy with Providers
Different online platforms have their own policies regarding what happens to accounts after the account holder's death. Review the terms of service for each of your digital accounts to understand how they handle deceased users. Some platforms allow you to designate a legacy contact or an executor who can manage your account posthumously.
Regular Updates
Digital assets can change frequently as new accounts are created, and old accounts may be canceled. Regularly update your digital asset inventory and estate plans to reflect any changes. Review your estate plan at least annually or after significant life events, such as marriage, divorce, or the birth of a child.
Conclusion
Handling digital assets in Missouri estate planning requires careful consideration and proactive measures. By identifying your digital assets, creating a detailed inventory, communicating your wishes, and understanding relevant laws, you can ensure your digital legacy is respected and preserved for your loved ones. Stay informed and consult with professionals when necessary to navigate the complexities of digital estate planning effectively.