Estate assets go beyond your real estate, personal property and bank accounts. With the growing use of digital assets, you can now add them to your estate plan to safeguard your legacy. Understanding the latest laws on this matter can help you prepare for the unexpected.
Protecting your digital assets under Oklahoma laws
Under the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), you can set instructions for how your executor or trustee will manage your digital life after you pass away or become incapacitated.
The law establishes a three-tier system to determine who gets access to your electronic records:
- If a service provider offers a tool to name a legacy contact, your settings there override anything written in your will.
- If no online tool exists, your specific instructions in your will, trust or power of attorney must indicate who has authority over your digital assets and electronic communications.
- If you did not use an online tool or mention digital assets in your documents, the provider’s terms of service govern the outcome.
Given that this statute has strict guidelines, clarity in your estate plan is critical to prevent future disputes.
Adding more instructions to your estate plan
Because RUFADAA is very particular about the content of communications, you need to provide explicit consent in your will or trust. This grants the executor or trustee the right to view the body of your emails or private messages. Without this, they might only get a catalogue of communications to help identify assets without being able to read the actual message.
Securing your digital legacy
Monetized online accounts and cryptocurrency portfolios are legacies you must preserve. When you create or update your estate plan, integrating specific language is a step you should not skip. However, since the RUFADAA is new, it is wise to consult an attorney experienced in estate planning for guidance.