The Complicated Case of Passing On Your Digital Estate
There’s no perfect way to transfer possession of your digital assets to your loved ones after you’re gone. But there are things you can do now to make the process easier for them.
When it comes time to manage someone's digital assets after they pass away, many people are caught off guard by the complexities involved. Even those who have made a plan may find that their survivors are still limited in what they can do. Taking inventory of all digital assets is crucial, as it is impossible to know what needs to be managed without a written record.
Digital assets can hold significant monetary and sentimental value, and determining how to handle them can be a challenge. Cryptocurrency, for example, stored in a private wallet, can be lost forever if no one has the key. The laws surrounding digital inheritance vary from state to state in the US, with the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) providing some guidance in 48 states.
RUFADAA recognizes that digital property is different from traditional assets and grants survivors certain rights while retaining the asset holder's privacy. However, built-in tools provided by tech companies may not always be sufficient for passing on digital assets. These tools often require a trusted contact to have their own account and may not provide access to all content, such as the body of emails or private messages.
Tech-savvy individuals may attempt to create DIY solutions, such as listing all accounts and credentials on a printed document or using a password manager. However, these methods can also lead to complications, such as difficulty proving ownership or securing the information. Ultimately, planning for digital estate management requires careful consideration and attention to legal and practical considerations.
Written by urgent.news from Wired's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
