Q: I store photos, documents, and account information online. What happens to these digital assets after I pass away, and how can I make sure my family has access?
A: As our lives become more connected to technology, planning for digital property has become just as important as planning for tangible assets. Many people keep records, photographs, and financial information online but do not consider what happens to these records and accounts after death. Without proper planning, loved ones may have difficulty accessing or preserving these items.
A good place to begin is by taking inventory of your digital life. This includes email accounts, social media, online banking, cloud storage, and photo sharing platforms. Digital assets now extend beyond these common accounts. Today, they may also include cryptocurrency, NFTs, online businesses, and other property stored in digital wallets or the cloud. These assets reflect the growing digitization and decentralization of wealth, trends that continue to shape how we manage and transfer property. Because these holdings often lack paper records or traditional account statements, advance planning for access and control has become essential.
Some online platforms, such as Facebook, allow you to name a “legacy contact” to manage or memorialize your page. Others, like Google and Apple, let you select who may access or close your account. Taking advantage of these settings helps ensure your wishes are carried out.
It is equally important to maintain a secure record of your usernames, passwords, and wallet keys. This list should be stored safely with your estate planning documents or in a password manager. Keeping it current makes it easier for your appointed fiduciary to locate your accounts and follow your instructions.
Estate planning today must also account for newer and more complex forms of wealth. Many individuals now hold cryptocurrency or other digital investments that exist outside traditional banking systems. Without clear written instructions and secure access information, these assets can be difficult for fiduciaries to locate, or may even be lost at death. Including specific directions for how these holdings should be managed and distributed is now a key part of a comprehensive estate plan.In New York, the Fiduciary Access to Digital Assets Act, enacted in 2016, allows fiduciaries to access a person’s digital property, but does not allow for control of the underlying property. Granting the power to control digital assets must be clearly stated within your Power of Attorney, Will, and/or Trust. If your estate planning documents do not mention digital assets, they should be reviewed and updated with your estate planning attorney.
Beyond financial accounts, digital planning is also about preserving your story. Family photos, videos, and creative work capture your memories and values. Including these assets in your estate plan ensures your digital presence is handled with care and that the things most meaningful to you are passed on to those you love.
- Alma Muharemovic, Esq. is an associate attorney at Burner Prudenti Law, P.C. focusing her practice areas on Estate Planning. Michal Lipshitz, Esq. is a Senior Associate at Burner Prudenti Law, P.C. focusing her practice areas on Estate Planning and Elder Law. Burner Prudenti Law, P.C. serves clients from New York City to the east end of Long Island with offices located in East Setauket, Westhampton Beach, Manhattan and East Hampton.