In today’s world, it seems like many people spend the majority of their life online. From valuable cryptocurrency and online businesses to treasured family photos and personal emails, digital assets can carry both financial and sentimental significance. However, many people do not consider what to do with digital assets when creating an estate plan. Just as you make arrangements for your tangible property, it’s essential to make clear plans for your digital property. Without doing so, control of these assets could be lost entirely, along with the memories and value they hold. Contact Mark Harford Law to discuss how to incorporate digital inheritance within your estate plan.
The Important of Including Digital Assets In A Missouri Estate Plan
In Missouri, digital assets are treated as part of a person’s estate and can be inherited through a will or trust just like physical assets can. You can pass down or bequeath your digital assets, as long as they are fully owned and transferable. However, it’s crucial to clearly specify these assets and designate who should inherit them in your estate plan. The most effective way to do this is by including your digital assets in your will, where you can name beneficiaries and provide them clear instructions to the designated individuals responsible for managing them. Alternatively, you may choose to have your accounts deleted after your death, or set up memorialized social media accounts (such as Facebook Legacy). In this case, you will have to clearly state what the beneficiary is to do.
If digital assets are not addressed in your estate plan, and no specific beneficiary is named, control may default to the Executor of the Estate. The Missouri Fiduciary Access to Digital Assets Act (MFADAA) grants fiduciaries (such as executors, trustees, or agents with power of attorney) the authority to access and manage a deceased person’s digital property, including email accounts, social media profiles, online banking accounts, crypto, and other digital assets. Your Executor may or may not be the person who you would want to have access to your digital accounts. Therefore, it is crucial to specify your intentions for digital assets in your estate plan in order to prevent someone you don’t want from accessing your assets and to ensure your digital assets aren’t lost or inaccessible.
Which Digital Assets Can You Pass Down Through Your Estate Plan?
The following are some examples of digital assets that a person is usually allowed to legally bequeath to a beneficiary in your Missouri Estate plan:
- Bitcoin and other forms of cryptocurrency
- Non-fungible tokens (also known as NFTs)
- Digital photo albums
- Digital music files (not purchased)
- Online bank accounts
- Money remaining in an online store account (i.e., Etsy or eBay store)
- Online rewards programs and Frequent flyer miles
- Monetized video channels (such as YouTube, Tik-Tok) and blogs
Are There Digital Assets That You Cannot Pass Down in Your Estate Plan?
A person can only pass down a digital asset that they own and that is fully transferable. Usually, non-transferable digital assets are those that are licensed for personal use by person, rather than owned. These licenses usually terminated upon the account holder’s death, meaning the assets are not able to be passed down to another individual. However, you can still include instructions on how to access them in your estate plan.
The following are some examples of digital assets that usually cannot be passed down in a Missouri estate plan :
- Domian names
- Email accounts
- Social media accounts
- App accounts
- Subscription streaming services (i.e. Netflix, Spotify)
If you’re unsure whether an asset can be legally passed down, it’s important to seek guidance from a qualified estate lawyer.
Contact Mark Harford Law To Protect Your Digital Assets
Protecting your assets , both physical and digital, starts with careful planning. To keep them digital assets out of the wrong hands and ensure your digital legacy isn’t lost or forgotten, it’s absolutely crucial to include them in your estate plan. At Mark Harford Law, we help individuals and families across Missouri by safeguard their digital assets and making sure intentions are fulfilled. Contact us today to schedule a consultation.
Mark Harford Law is dedicated to providing solutions for all aspect of estate planning, ensuring your needs are thoroughly met. Our priority is to handle every part of your estate plan with professionalism and attention to detail. Whether you’re just beginning the process or need updates to an existing estate plan, we can help. Contact us today to schedule a free consultation.