Most people have a significant digital life: online bank accounts, investment platforms, social media profiles, email accounts, photo libraries, cryptocurrency, domain names, digital businesses, and more. What happens to all of it when you pass away or become incapacitated?
Without a digital asset plan, the answer is often: nothing good. Accounts get locked. Crypto becomes inaccessible. Sentimental photos are lost. A digital business stops generating income. Loved ones are left trying to piece things together without passwords, access, or legal authority.
At the Law Office of Catherine Chukwueke, I help California clients identify, organize, and plan for their digital assets so that nothing important falls through the cracks.
What Are Digital Assets?
Digital assets include anything of value that exists in digital form, such as:
- Online financial accounts, including bank, brokerage, and retirement accounts
- Cryptocurrency and digital wallets
- Social media accounts and digital profiles
- Email and cloud storage accounts
- Digital photos, videos, and creative files
- Domain names and websites
- Online businesses, storefronts, and subscription revenue
- Loyalty points, rewards, and gaming assets
- Intellectual property stored or licensed digitally
What Is a Digital Asset Plan?
A digital asset plan is a documented strategy for managing your digital life in the event of your incapacity or death. It works alongside your will, trust, and powers of attorney to ensure that the right people have the right access at the right time, and that your wishes for each type of asset are clearly documented.
A digital asset plan typically includes:
- An inventory of your digital accounts and assets
- Instructions for how each should be handled, whether transferred, memorialized, closed, or deleted
- Guidance on where to find login credentials and how to access encrypted files or wallets
- Designation of a digital executor or trustee with the authority to act
- Coordination with your estate plan to ensure legal authority is in place
Why It Matters
California has adopted the Revised Uniform Fiduciary Access to Digital Assets Act, which gives fiduciaries such as executors and trustees some legal access to digital assets. However, that access is limited and often complicated by the terms of service of individual platforms. A proactive digital asset plan removes ambiguity and makes it far easier for your loved ones or fiduciaries to act on your behalf.
Ready to Get Started?
I work with clients throughout California. Call me at 310-213-7711 or schedule a consultation online to discuss adding a digital asset plan to your estate plan.
