Leaving a legacy today includes more than just the traditional things that we leave to others. It now includes our “digital assets.” I challenge anyone to thoroughly define a digital asset. The Revised Uniform Fiduciary Access to Digital Assets Act (yes, there is such a thing) defines a digital asset as “An electronic record in which an individual has a right or interest. The term does not include an underlying asset or liability unless the asset or liability is itself an electronic record.” That’s a mouthful!
From that definition (which is only one of the ‘official’ definitions around today) we learn that this does not include my bank account which I happen to access electronically over the internet. The ‘underlying asset’ is my bank account in a ‘brick and mortar’ account. So my online access is not a digital asset. Or is it?
Is my username and password a digital asset, valuable in and of itself? It certainly is! Why? Because it is the gateway to accessing my bank account. And so begins the circular reasoning.
One thing is clear: We need to consider how to protect and pass on our electronic/digital assets. How to address this issue will be the focus of upcoming blogs. For now, I will be happy if you include electronic/digital assets among the valuables which you must address in your Last Will & Testament or Trust.
Please contact Mateya Law Firm at 717-241-6500. We can assist you in creating your Last Will & Testament and leaving a legacy that you are happy with. A legacy that makes you smile when you think of how you will be remembered.