Digital Assets In Florida Probate

When a person begins their estate planning, their aim is to dispose of all their assets in the way they prefer, usually while trying to avoid Florida probate. However, it is not uncommon for some to forget to handle their digital assets, particularly those who lack a constant online presence. If you are at a point where you are focusing on your golden years, it is crucial to ensure that your digital assets are in the hands of custodians who will handle them appropriately.

No Guidance Until Recently

A digital asset is defined in Florida as any electronic record in which a person has a “right or interest.” The majority of the time, the term refers to items with tangible financial value, such as brokerage accounts, digital currency wallets, and small businesses operated online. However, it can also mean an item or series of items that has major sentimental value – for example, an online photo album or email account.

Until recently, Florida had no major laws governing the disposition of digital assets, but the state’s Fiduciary Access to Digital Assets Act (FADAA) was passed in 2016, and governs both the access to and management of these assets. It is important to note that the Act requires explicit permission from the asset holder before a fiduciary can get access to anything – and the simplest way to give that permission is to deal with digital assets in one’s estate plan.

Integrate Your Inventory

The first step in digital asset management should be creating an inventory of sorts, drawing up the names and access information for all your relevant digital assets. Once these are organized, it is possible to simply incorporate the list into a will or trust – digital assets are, after all, assets, and can be willed to a beneficiary or made part of a trust.

In general, digital assets are seen as personal property, which generally must go through probate. Some may have beneficiaries already listed, such as IRAs, or some may be placed in a trust, and assets in both these categories are exempt from the process. However, this process can be extremely context dependent, and it is always a good idea to have an attorney who can ensure that your plans for your assets are legally enforceable.

Call A Hollywood, FL Probate Attorney

The question of how to dispose of digital assets after one’s passing is a relatively new one, but it requires just as much thought and care as would giving away a tangible piece of property. If you have questions or concerns about your situation, a Hollywood, FL probate attorney from the Law Offices of Steven A. Mason, P.A. may be able to assist. Contact our office today at (954) 963-5900 to speak to an attorney.

Source:

leg.state.fl.us/statuTes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0740/Sections/0740.002.html