What Is Digital Estate Planning?
When a Florida property owner dies or becomes incapacitated, their family typically knows how to find the physical assets: the house, the car, the bank statements in the filing cabinet. But what about the assets that exist only online?
Digital estate planning ensures that a designated person has the legal authority and practical ability to access, manage, and distribute the deceased or incapacitated person's digital assets.
What Are Digital Assets?
- Financial Accounts — Online banking, brokerage accounts, PayPal, Venmo, and retirement accounts managed through digital portals.
- Cryptocurrency — Bitcoin, Ethereum, and other digital currencies stored in hardware wallets or exchange accounts. Without the private keys, these assets are permanently lost.
- Real Estate Management Platforms — Rental property management portals, online mortgage accounts, and property tax payment systems.
- Email and Cloud Storage — Gmail, Outlook, iCloud, Google Drive, and Dropbox accounts containing critical financial records, contracts, and legal documents.
- Social Media and Business Accounts — Facebook, LinkedIn, and Instagram profiles, as well as business websites, domain names, and e-commerce accounts.
Florida's Fiduciary Access Act
Florida adopted the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) in 2016 (Florida Statute 740). This law gives a power of attorney agent, trustee, or personal representative the legal authority to access a deceased or incapacitated person's digital assets, subject to certain limitations and the decedent's stated preferences.
Related Terms
- Living Trust — Should include provisions for digital asset management
- Durable Power of Attorney — Should grant authority to access digital accounts during incapacity
- Probate — The estate process that must now account for digital assets
Barnes Walker Estate Planning
Barnes Walker's estate planning attorneys integrate comprehensive digital asset provisions into every Florida trust, will, and power of attorney, ensuring our clients' cryptocurrency, online accounts, and digital business assets are accessible and protected after death or incapacity. Request a legal inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC