Much of modern life now exists online, including email and social media accounts, online banking, subscriptions, electronic bills, photography and other cloud-stored documents. When creating an estate plan, it is easy to focus on physical property and traditional financial accounts while overlooking online accounts and electronic information. Failing to plan for access can create unnecessary complications for loved ones during an emergency or after death.
Taking proactive steps now can help reduce confusion, delays, and stress at an already difficult time.
What Are Digital Assets?
Digital assets include a wide range of online accounts and electronic information, such as:
- Email accounts
- Social media profiles
- Online banking and investment accounts
- Electronic bills and subscription services
- Cloud storage, photos, and digital documents
- Digital files related to business or personal matters
Because many financial statements, bills, and legal communications are delivered electronically, access to these accounts is often essential for managing affairs after incapacity or death.
Appointing a Fiduciary With Digital Authority
As part of a comprehensive estate plan, you should designate trusted individuals to act on your behalf through documents such as a power of attorney and a will. It is equally important that these documents clearly authorize your fiduciaries to manage digital assets in compliance with Virginia law.
In addition to legal documents, many online platforms offer tools that allow users to plan for incapacity or death. For example:
- Google allows users to designate an Inactive Account Manager
- Apple offers a Digital Legacy feature to grant post-death access
- Facebook and other Meta platforms allow users to appoint a legacy contact
These tools can be helpful, but they do not replace properly drafted estate planning documents. Under Virginia law, directions set through a platform’s built-in planning tools may take priority, making it important that legal documents and online account settings work together.
Why Access to Email and Online Financial Accounts Matters
Email accounts often function as the central hub for financial and personal information. Bank alerts, billing statements, subscription notices, and legal correspondence are frequently delivered electronically. Without email access, an executor may struggle to identify accounts, locate assets, or manage ongoing obligations.
Access to online banking and financial accounts is also critical. Executors may need to pay bills, monitor transactions, and manage assets during the administration of an estate. Planning ahead ensures your fiduciary knows where accounts exist and has the legal authority to access them.
Planning Ahead Can Make a Meaningful Difference
Online accounts and electronic records are now an essential part of estate planning. By addressing access alongside wills, trusts, and powers of attorney, you can help ensure your executor or agent has the tools they need to act efficiently and responsibly.
Thoughtful planning can provide peace of mind, not only for you, but also for the people who may need to step in on your behalf during difficult circumstances. Reviewing these issues with an experienced estate planning attorney can help ensure your plan reflects both your wishes and current Virginia law.