Florida Digital Estate Planning: Protecting Your Online Assets
In today’s digital world, estate planning in Tampa involves more than merely protecting your home, money in bank accounts, and other physical property; it also means managing and protecting digital assets. From social media accounts to cryptocurrency holdings, Hillsborough County residents have more online assets than ever before.
However, without a digital estate plan, these assets may become inaccessible or even lost after death. Our Tampa estate planning lawyer explains the importance of digital estate planning and how to ensure your online accounts and digital valuables are accounted for and handled in accordance with your wishes.
What Are Digital Assets in Tampa, and Why Do They Matter?
Digital assets in Tampa include online accounts, files, or virtual properties that hold financial or sentimental value. Without estate planning, loved ones may be unable to access these assets if anything happens to you.
Unfortunately, not putting digital assets in your Tampa estate plan can result in potentially significant financial losses, as well as privacy concerns. Be sure to include all of the following:
- Online banks and financial accounts, such as PayPal or Venmo;
- Any Bitcoin or other cryptocurrency holdings;
- Websites, blogs, domain names, and e-commerce stores;
- Cloud storage and digital files, such as Google Drive and Dropbox;
- Facebook, LinkedIn and other social media accounts;
- Subscription services, streaming accounts, and digital rewards programs.
Under Section 740.001 of the Florida Statutes, estate executors and trustees may only access digital accounts if explicitly authorized. This makes it crucial to include them in your Tampa estate plan.
How to Include Digital Assets in Your Florida Estate Plan
Whether creating or updating your will, which acts as a guide through Hillsborough County Probate Court proceedings, or a trust and other estate planning documents, it is vital to include digital assets. We recommend clients take the following steps to ensure these assets are accounted for and protected:
- Make a digital asset inventory, listing all online accounts, login credentials, and instructions for access;
- Designate a Digital Executor, which is someone you trust to manage all of your digital assets in the event of your passing;
- Use online tools that are available on platforms like Google and Facebook that allow you to set legacy contacts or access permissions;
- Store login information securely and use a password manager or a secure document stored with your estate planning attorney.
These steps can help prevent legal complications and ensure your digital legacy is properly handled in the event the unexpected happens.
Work with A Trusted, Local Estate Planning Lawyer In Tampa
When creating or updating estate planning documents in Tampa, be sure to include digital assets. Doing so can help prevent your loved ones from struggling to access financial accounts, social media profiles, and other important property.
Bubley & Bubley, P.A. provides clients with trusted, local legal help. We protect digital and traditional assets through customized estate planning strategies. Let us help you create an estate plan that protects your legacy, both online and offline. Contact our office today to schedule a consultation with our experienced Tampa estate planning lawyer.
Sources:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0740/0740.html
hillsclerk.com/court-services/probate-guardianship-and-trust
support.google.com/accounts/thread/173939267/how-to-add-a-legacy-contact-trusted-person-to-take-over-account-on-my-death?hl=en
