The digital world is now a major part of life, and it doesn’t disappear after someone passes away. Digital assets include emails, social media accounts, online banking, cryptocurrency, and digital photos. In Pennsylvania, handling these assets after death follows specific rules to protect privacy while ensuring proper estate distribution.
What are digital assets?
Digital assets are online accounts and electronic files owned by an individual. These can include financial accounts like PayPal, social media platforms, and even business-related online accounts. Many people overlook these assets in estate planning, which can lead to complications for heirs and executors.
What laws apply to digital assets in Pennsylvania?
Pennsylvania follows the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). This law allows executors or appointed fiduciaries to manage digital assets with proper authorization. However, access depends on whether the deceased provided explicit consent in estate planning documents. Without this, companies may refuse to grant access due to privacy policies.
How can you ensure access to digital assets?
To ensure digital assets are properly managed, you should list them in estate planning documents. Providing login information separately in a secure location can help, but legal authority is still required. Some online platforms, such as Google and Facebook, offer legacy settings that allow account holders to choose who can access their accounts after death.
What happens if digital assets are not planned for?
Without a plan, digital assets can be lost, locked, or inaccessible to heirs. Some companies delete inactive accounts after a period of time, meaning sentimental or valuable assets may disappear. Family members may also struggle to retrieve important financial or personal records.
Planning ahead for digital assets
Including digital assets in estate planning can prevent unnecessary stress and ensure proper management. Reviewing online account policies, appointing a digital executor, and providing legal authorization are important steps to take. Addressing digital assets now can save your family from complicated legal challenges later.