Our personal lives are far more complicated in the digital age than those of our ancestors. Genealogists may read their ancestors’ wills but sometimes forget about their own estates, especially digital goods. From bank accounts to Facebook, PayPal and more, a good chunk of our personal and financial lives are online. If you fail to account for those digital assets in your estate plan, you risk burying your family or friends in red tape as they try to get access to and deal with your online accounts that may have sentimental, practical or monetary value.
The good news is that a growing number of states are enacting laws that help clarify the rules for how executors and others can access and manage the online accounts of someone who has died.
The revised Uniform Fiduciary Access to Digital Assets Act — which has been adopted in 18 states and introduced in at least 12 others — lays out the rules under which an executor can manage a decedent’s digital accounts.
You can read more in an article by Andrea Coombes in the MarketWatch web site at http://goo.gl/lDdbjj.