Digital assets have become a critical component of modern life, and Florida residents should not overlook them when creating or updating their estate plans. From cryptocurrency to social media accounts, your digital presence carries both personal and financial value. Including digital assets in your estate plan ensures they are properly managed, protected, and distributed according to your wishes.
What Are Digital Assets, and Why Do They Matter in Florida Estate Planning?
Digital assets include cryptocurrency like Bitcoin and Ethereum, social media profiles on platforms such as Facebook, Instagram, and Twitter, online banking and investment accounts, digital photos, documents, and other files stored in the cloud, email accounts, and domain names.
Florida law recognizes the importance of digital assets through the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). This law allows personal representatives, trustees, and other fiduciaries to access a decedent’s digital assets if the estate planning documents grant them permission. Without proper provisions, these assets may become inaccessible, leading to complications or even losses for beneficiaries.
How to Include Digital Assets in Your Florida Estate Plan
Take an inventory of digital assets.
Compile a comprehensive list of all your digital assets, including login credentials and security questions. For security reasons, consider storing this information in a secure password manager and provide access instructions to your fiduciary.
Update estate planning documents.
Work with an estate planning attorney to revise your will, trust, and power of attorney documents to include clauses that grant your fiduciaries the authority to access and manage your digital assets in accordance with Florida law.
Utilize online tools.
Some platforms, like Google and Facebook, offer tools to manage your digital legacy. For example, Google’s Inactive Account Manager allows you to designate trusted contacts who can access your account after a period of inactivity.
Keep your estate plan updated.
As digital assets evolve, review and update your estate plan regularly. Adding new accounts, retiring old ones, or changing login credentials requires maintaining a current inventory and updating your documents.
Legal Authority and Guidance for Digital Asset Planning in Florida
The Revised Uniform Fiduciary Access to Digital Assets Act (Fla. Stat. § 740.001-740.007) is the cornerstone of digital estate planning in Florida. This law provides clear guidelines for how fiduciaries can access and manage digital assets while respecting privacy laws.
To enforce access rights, estate planning documents must specifically reference digital assets. Courts have upheld that general fiduciary powers are insufficient unless digital access is explicitly authorized. Therefore, consulting an experienced estate planning attorney ensures your documents comply with Florida law and meet your goals.
Digital assets play an increasingly vital role in our lives, and Florida estate planning laws now reflect their importance. By proactively addressing digital assets in your estate plan, you protect your legacy, simplify management for your fiduciaries, and ensure your loved ones receive the full benefit of your online presence.
Lori Vella is an Estate Planning and Business Attorney. She works virtually throughout Florida and New York, but has her home office in Tampa, Florida. She is mom to a little boy which ignited the passion for helping other families. She and her son enjoy car rides, playgrounds and taking mini-adventures. They also have an organic garden that surprisingly yields vegetables. Lori considers herself well-versed in Seinfeld and welcomes any trivia!
Disclaimer: The Law Office of Lori Vella’s website contains general information directed to Florida residents. This firm does not intend to give legal advice through its pages and/or blog. If you need legal advice, we encourage you to find an attorney licensed in your state. This language on this website does not create an attorney-client relationship between you and this firm.