Mar 03 2025 4 mins
From Sishodia PLLC – "How to Protect Digital Assets After Death" delves into the crucial steps individuals should take to ensure their digital legacies are preserved and accessible to intended beneficiaries.
In today's digital age, assets such as cryptocurrencies, online banking accounts, email, and social media profiles hold significant value, both financially and sentimentally. The article highlights the challenges faced by high-net-worth individuals with substantial cryptocurrency portfolios, referencing the case of Gerald Cotten, whose unexpected death left millions in inaccessible assets.
To mitigate such risks, the article emphasizes the importance of comprehensive estate planning that includes digital assets. This involves maintaining an up-to-date inventory of all online accounts, understanding the terms of service agreements, and being aware of state and federal laws that may restrict third-party access. Notably, New York's adoption of the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) allows users to specify fiduciary access to their digital accounts through wills, trusts, or powers of attorney.
For cryptocurrency investors, the article advises implementing secure storage solutions, such as "cold storage," and ensuring that fiduciaries have the necessary information to access these assets without compromising security. Given the evolving legal landscape surrounding digital assets, consulting with an experienced estate planning attorney is essential to navigate the complexities and ensure that one's digital legacy is protected.
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