The digital world has revolutionized how we manage and store information, but it has also introduced new complexities in estate planning. From social media accounts to cryptocurrency, digital assets often go overlooked in traditional estate planning. In Florida, laws like the Florida Fiduciary Access to Digital Assets Act (FFADAA) ensure digital assets are properly managed after a person’s passing. Here’s what you need to know to safeguard your digital legacy. 

What Are Digital Assets? 

Digital assets encompass a wide range of electronic data, including: 

• Social Media Accounts – Platforms like Facebook, Instagram, and LinkedIn. 

• Financial Accounts – Online banking, investment platforms, or cryptocurrency wallets. 

• E-Commerce Stores – Accounts on platforms like eBay, Etsy, or Amazon. 

• Digital Files – Photos, videos, and documents stored on devices or in the cloud. 

• Subscription Services – Paid services such as Netflix, Spotify, or domain hosting platforms. 

While some digital assets hold monetary value, others carry significant sentimental or functional value for family members or business partners. 

Understanding the Florida Fiduciary Access to Digital Assets Act 

Florida’s FFADAA provides a framework for managing digital assets after death or incapacitation. This law allows fiduciaries, such as personal representatives or trustees, to access and manage digital assets if: 

1. The Owner Has Explicitly Authorized Access – Through a will, trust, or other legal document. 

2. The Custodian Permits Access – Companies like Google or Facebook may have terms of service that override access requests. 

3. Court Orders Are Issued – If authorization is unclear, fiduciaries may need to obtain a court order. 

Steps to Include Digital Assets in Your Estate Plan 

1. Create an Inventory – List all your digital assets, including login credentials, passwords, and two-factor authentication details. 

2. Appoint a Digital Executor – Name someone to handle your digital assets. This role can be separate from your main executor. 

3. Use Online Tools – Platforms like Google and Facebook offer settings to designate someone to manage your account posthumously. 

4. Update Your Will or Trust – Explicitly state how you want your digital assets managed. For example, specify whether accounts should be deleted or preserved. 

5. Encrypt Sensitive Information – Ensure that access to financial or personal data is secure but retrievable by authorized persons. 

Challenges in Managing Digital Assets 

• Access Restrictions – Many platforms have strict privacy policies that may prevent fiduciary access without explicit authorization. 

• Valuation of Assets – Determining the monetary value of assets like cryptocurrency can be complex. 

• Rapid Technological Changes -The evolving nature of technology means estate plans should be reviewed regularly to stay current. 

Why Proper Planning is Critical 

Neglecting digital assets in estate planning can lead to significant issues, including: 

• Loss of valuable or sentimental data. 

• Financial accounts being inaccessible, leading to unclaimed funds. 

• Legal battles over ownership or access. 

By taking proactive steps, you ensure your digital legacy is handled according to your wishes, reducing stress for your loved ones. 

Partner with Lumsden Law 

Navigating digital assets requires expert guidance. At Lumsden Law, we specialize in comprehensive estate planning that includes the management of digital assets. Let us help you create a secure and personalized plan to protect your legacy in the digital age. 

Contact us today to schedule a consultation.