The emergence of digital assets introduced a new type of property in estate planning. And the advancement of technology continues to create new ones that are part of people’s estates here in Stuart, Martin County. Not including digital property in your estate plan can lead to a lost or inaccessible asset.
But what is considered a digital asset?
Definition under Florida law
The Florida Fiduciary Access to Digital Assets Act defines a digital asset as an electronic record in which an individual has a right or interest. Electronic is defined as relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities.
This means anything stored electronically with financial or sentimental value is a digital asset. Examples include:
- Financial accounts – Online bank accounts, online payment accounts (PayPal, Venmo, Stripe, etc.), cryptocurrency wallets (Bitcoin, Ethereum, etc.), non-fungible tokens (NFTs) and investment accounts
- Online business accounts – Domain names, websites, blogs, e-commerce storefronts and intellectual property
- Social media and communication accounts – Facebook, Instagram, X, LinkedIn, YouTube and email accounts
- Cloud storage – iCloud, Google Photos, Google Drive, external hard drives, etc., storing digital documents
- Subscription services – Streaming services, such as Netflix and Hulu, music platforms like Spotify and premium memberships with monetary value or auto-renewal
- Rewards and loyalty programs – Any loyalty program with financial value or benefits, such as airline miles, hotel points and credit card rewards
- Gaming accounts – Those that hold monetary, sentimental or intellectual property value
Have a list of all your digital assets and confirm that they are all included in your will. Keep the usernames and passwords of the accounts in a location your executor knows so they can gain access without difficulties.
Digital assets are becoming an inseparable part of estate planning for Martin County residents. Get more information to ensure you include every type of property you own in your estate plan.