From Bitcoin to Blogs: Estate Planning for Your Digital Life in Kansas

What will happen to all your digital accounts and files after you’re gone? Imagine your family being unable to access cherished family photos on the cloud or important financial details locked behind a forgotten password.

Much of our life is online today, so it’s essential to plan for your digital assets as part of your estate planning. The Law Office of Andrew Rowe understands the specific challenges Kansas residents face when managing their digital estate.

Andrew, a Wichita native, has spent over a decade helping the Kansas community with estate planning, wills, and trusts. His experience has earned him recognition as a Super Lawyer Rising Star for six consecutive years. Let’s walk through why planning for digital assets is so crucial.

What Are Digital Assets?

First, let’s talk about what digital assets are. A digital asset is any electronic record in which you have a right or interest. However, it doesn’t include any physical assets unless the asset itself is recorded electronically.

Digital assets include things like:

• Email accounts
• Social media profiles (Facebook, Instagram, etc.)
• Online banking accounts
• Cloud storage (Google Drive, Dropbox)
• Cryptocurrency wallets (like Bitcoin)
• Blogs and websites
• Digital photos, music, and media libraries
• Online shopping accounts (Amazon, eBay)
• Domain names

In a nutshell, your digital assets are the online fingerprints of your life—everything from personal memories to financial records.

The Challenges of Digital Assets After Death

Dealing with digital assets after death isn’t as straightforward as you might think. Here’s why:

• Access Restrictions: Privacy policies and terms of service often limit your family’s ability to access your online accounts.
• Unknown Passwords: If no one knows your login details, it can be next to impossible to access your digital life.
• Monetary Value: Some digital assets, like cryptocurrency or a successful blog, can hold significant financial value.
• Evolving Laws: Laws regarding digital inheritance are still developing, and they vary by state. Kansas, for example, has its own laws on this topic.

This is where things get tricky. Without proper planning, your loved ones might face obstacles trying to access your online accounts or important financial details after you pass away.

Kansas Laws and Digital Assets

Here in Kansas, we have the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which provides a legal framework for how digital assets are handled after death.

This law allows fiduciaries, like executors or trustees, to manage your digital assets in accordance with your wishes. However, the ability to access these assets depends on a few factors:

1. Online Tool: Some platforms, like Google or Facebook, offer a way for you to select someone to manage your account after you pass.
2. Service Provider Terms: If there’s no designated person through an online tool, the terms of service for each online account may dictate what happens.
3. Estate Planning Documents: If the above two options don’t apply, your will or trust will determine access, provided you’ve included specific instructions.
4. Court Order: In some cases, if nothing else is in place, a court may get involved to decide who gets access.

How to Plan for Your Digital Assets

Planning for your digital assets might sound daunting, but it’s actually pretty simple once you know what to do. Here are a few steps to get started:

• Create an Inventory: Make a comprehensive list of all your online accounts and assets. Include login information, passwords, and any other necessary details.
• Store Securely: Keep this information somewhere secure, like a password manager, and ensure your executor knows how to access it.
• Appoint a Digital Executor: This person will be responsible for managing your digital assets after you pass. Make sure you clearly outline their role in your estate documents.
• Give Clear Instructions: Specify what you want to be done with each digital asset. Should your social media accounts be deleted or memorialized? Should your family have access to your email? Be as detailed as possible.
• Use Online Tools: Some platforms, like Google and Facebook, allow you to select someone to manage your account if you’re no longer around.
• Include in Your Estate Documents: Make sure your will, trust, and power of attorney documents specifically address your digital assets. This will help ensure your wishes are followed.
• Update Regularly: Your digital life is constantly evolving, so remember to update your inventory and instructions regularly.

How Can We Help?

If you haven’t yet included your digital assets in your estate plan, there’s no better time to start. The Law Office of Andrew Rowe is here to address Kansas residents’ unique needs and can help you create a comprehensive estate plan that includes your digital assets.

Call us today at (316) 330-4110 or fill out our website form for a free consultation to protect both your physical and digital estate, ensuring peace of mind for you and your loved ones.