Estate Planning: Thinking About Digital Assets

Computers and smart phones play a critical role in most of our lives. Many of us have a tremendous amount of accounts and assets on these devices such as credit cards, bank accounts, social media, email, and photos. Collectively, all of these things are commonly referred to as "digital assets." With digital assets, an important issue to consider is what will happen to all of these things when you die. The answer is that without proper estate planning, the people intended to have access will have great difficulty, if not completely blocked access. There is a simple solution to this problem courtesy of a recently enacted Ohio law.

In 2017, Ohio enacted House Bill 432 which included the Ohio Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). Under RUFADAA, it is now possible to give your executor the authority to access and distribute your digital assets just like any other tangible property, such as cars, houses, or artwork. Due to privacy acts, many of these assets might be lost forever without proper planning. To discuss an estate plan that incorporates all of your property, including digital assets, contact Jesse Bowman at the law office of Alexander, Wagner & Kinman (513-228-1100).

This information is intended to provide broad, general information about the law and is not intended to be legal advice. Before applying this information to a specific legal problem, readers are urged to seek advice from a licensed attorney