Many of us like to think we’ve successfully dodged the Digital Age by steering clear of buzzwords like cryptocurrency, NFTs, and other confusing acronyms that even tech experts can’t always explain. But whether you realize it or not, you’re probably already a digital asset owner—and those assets are far more valuable than you might think.
What Counts as a Digital Asset?
Digital assets include much more than crypto wallets. They encompass everything from your social media and email accounts to online banking, digital photos, travel rewards, and even intellectual property stored online. As these assets become a constant presence in our daily lives, it’s increasingly important to consider them in our estate planning. Without proper planning, these accounts and files can become a nightmare for loved ones to access or manage if something happens to you.
How to Protect Your Digital Assets
Fortunately, North Carolina has taken steps to help. In recent years, the state adopted the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA)—a law designed to give fiduciaries (like executors or agents) a clear and legal way to access and manage digital assets while still protecting your privacy. In short, it ensures that what you want to stay private, stays private.
Still, it’s essential to include specific provisions about digital assets in your estate planning documents. Without clear instructions, fiduciaries could run into serious roadblocks thanks to privacy laws and the endless fine print of online service agreements.
If this all sounds a bit overwhelming, you’re not alone. Even the most tech-savvy among us struggle to keep up with the ever-changing digital landscape. That’s why consulting an estate planning attorney who understands digital assets is a wise move. They can help you navigate the complexities, ensure your wishes are honored, and keep your digital life secure both now and in the future.
Author: Leah B. Trowbridge, Estate Planning Attorney
The McIntosh Law Firm
(704) 892-1612