Metz . Bailey . McLoughlin

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Attorneys For Today,
Counselors For Life

Metz, Bailey & McLoughlin, LLP provides
customized estate planning, probate,
and business law services to clients
throughout Central Ohio

Attorneys For Today,
Counselors For Life

Metz . Bailey . McLoughlin

CALL FOR AN ATTORNEY

    614-423-4619

Attorneys For Today,
Counselors For Life

Attorneys For Today,
Counselors For Life

Metz, Bailey & McLoughlin, LLP provides
customized estate planning and
business law services to clients
throughout Ohio

Digital assets in probate: challenges and management strategies

On Behalf of | Sep 22, 2024 | probate & estate administration | 0 comments

As digital assets become a larger part of daily life, they also complicate the probate process. Digital assets like online bank accounts and cryptocurrency can create challenges during estate settlement. Understanding how to manage these assets is important to avoid potential issues in probate.

Identifying digital assets

The first challenge in probate involves identifying digital assets. Many individuals do not maintain a list of their online accounts, making it difficult for executors to locate them. Digital assets include financial accounts, social media profiles, digital photos, emails, and cloud storage. Executors must identify these assets, access them, and decide whether to distribute or close them. 

Legal hurdles

Ohio enforces specific laws governing access to digital assets after death. The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) requires the deceased to provide clear permission in their estate plan for executors to access certain digital accounts. Without this permission, companies often deny access, citing privacy laws. These restrictions can lead to lengthy legal battles and delays in probate. 

Managing digital assets

Proper planning avoids many complications. Creating a detailed inventory of digital assets, including usernames and passwords, serves as a key step. Individuals should include specific instructions in their wills or trusts. Grant the executors the authority to manage digital assets. Using a digital estate planning tool streamlines the process and securely stores login information.

Digital assets in estate planning

Effectively managing digital assets requires careful planning and foresight. By organizing and documenting these assets in advance, individuals can help their executors navigate the probate and estate planning process with fewer complications, ensuring the estate is handled according to their wishes.

 

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