Our lives have become digitized and password protected, and when we die, access to our accounts and rights to the contents thereof die with us—unless we make digital access part of our estate plan.
It wasn’t too many years ago that one’s “important papers” were stored in a shoe box, file drawer or safe deposit box; now, business is done online. Retail stores used to have door keys and brick walls, but now online stores are owned by thousands of sole proprietors. Thousands of blogs are filled with author’s intellectual property. Wall-to-wall bookshelves have been replaced by Kindle accounts; photo albums by Picasa accounts. We carry our music collections on an iPad and keep our money in digital wallets, PayPal accounts or Green Dot money cards.
Last month (August 2014), Delaware became the first state to grant estate executors and administrators access to a decedent’s digital assets. Delaware’s House Bill 345, entitled the “Fiduciary Access to Digital Assets and Digital Accounts Act,” allows executors the same account access held by a decedent. The Delaware bill is modeled after a law proposed by the Uniform Law Commission, an organization that since 1892 has provided state legislatures with legislative drafts designed to provide state-to-state consistency to statutory law. Read More >>>
Originally posted 2014-11-18 16:41:00.