Digital Assets in Estate Planning

Preserving Your Digital Legacy

Integrating Digital Assets into Your Estate Plan

In today's digital age, our lives are intricately woven into the fabric of the internet. From financial transactions to personal communications, we conduct a significant portion of our lives online. However, amidst the convenience of digital living lies a critical aspect often overlooked in traditional estate planning: the management and distribution of digital assets.

Defining Digital Assets

Digital assets encompass a broad spectrum of online content and accounts that hold both sentimental and financial value. These may include:

Financial accounts
Social media profiles
Online businesses
Domain names
Cloud-based storage
Email and text message archives
Websites and blogs

Understanding Legal Frameworks

Navigating the legal landscape governing digital assets requires a nuanced approach. In Minnesota, the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) governs fiduciary access to digital assets post-mortem. While RUFADAA grants fiduciaries access to most digital assets, explicit authorization may be necessary for certain electronic communications, such as emails and private chats.

Practical Steps for Estate Planning

To ensure a seamless transition of your digital legacy, consider implementing the following strategies:

Explicit Authorization: Incorporate language into your estate plan granting your chosen fiduciary explicit authority to access and manage your digital assets. Select an individual who is both technologically adept and capable of collaborating effectively with other estate representatives.
Documentation: Compile a comprehensive inventory of your digital accounts, including login credentials and relevant instructions. Regularly update this document and store it securely, granting access to your designated representative when needed.
Proactive Measures: Leverage available tools and features offered by online platforms to facilitate posthumous access to your accounts. Utilize services like Google's Inactive Account Manager and Facebook's Legacy Contact to designate individuals empowered to manage your online presence in your absence.

By proactively addressing the inclusion of digital assets in your estate plan, you can mitigate potential complications and ensure the preservation of your online legacy for future generations.

Consult with Our Estate Planning Attorneys

At Guttman Law, we focus in comprehensive estate planning tailored to your unique circumstances. Contact us at (612) 324-4055 to schedule a consultation and embark on the journey of integrating your digital assets into your estate plan. Let us guide you through the complexities of digital asset estate planning, empowering you to leave a lasting imprint on those who matter most

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I would highly recommend the services of Guttman Law to anyone who needs to create or update their estate plan. I was referred to Matt Guttman by a friend and estate planning attorney from Michigan. My elderly father recently relocated to Minnesota from out of state, and needed to update his estate plan. As power of attorney and future executor of his estate, I needed more information about Minnesota's estate tax laws. Matt listened to my father's situation, and proposed a sensible approach to updating his trust and other estate planning documents. The work product was well organized and understandable. Complicated information was broken down into small sections for easy search and comprehension. Matt provided both a print and digital copy of the final product, and maintains a digital copy of the estate plan in house for future reference/retrieval. The document signing at the end was well managed. My father liked Matt immediately when they met and was satisfied with the outcome. Best of all, the cost was reasonable and within the range one would expect to pay for this type of legal service.

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