Electronic information plays a larger role in today’s daily life, and many people now hold valuable online property. Planning for these items when creating a will is essential for a solid estate plan.
Digital assets vary widely, so a will should address each category with precision. Overlooking this step can create delays and confusion.
Understanding digital assets
Digital assets include online accounts, stored files, cryptocurrency and similar items with financial or personal value. A will identifies these assets and explains how they should be accessed or transferred. Examples include:
- Email accounts
- Social media accounts
- Online financial accounts
- Cloud storage files
- Lucrative cryptocurrency holdings
A complete inventory helps ensure that nothing important is missed during estate administration.
Authorizing access under Indiana law
Indiana has adopted the Revised Uniform Fiduciary Access to Digital Assets Act, which outlines how fiduciaries may access digital property. A will can grant specific authority to manage these items under that statute. Access instructions should match the platform requirements and should be written in a way that aligns with current legal standards.
Organizing information for future use
Since passwords and security tools can block access, digital assets require careful organization. A separate document can store login details, recovery keys and similar information. Consider including:
- Password lists
- Two-factor authentication instructions
- Device access codes
- Storage locations for important files
- Contact information for account providers
A secure storage method protects sensitive information while helping ensure fiduciaries can locate what they need.
Digital assets can change often, making regular updates essential to keep instructions accurate. Reviewing your accounts and access tools under the guidance of a legal professional can help you rest easy knowing that your estate plan reflects your current digital holdings.