You may be thinking, “All of my bank statements are paper. I don’t own a computer or smartphone. So, I don’t have any digital assets.” However, your bank keeps electronic records of your information, which means you have digital assets. Also, while your trustee, agent, or personal representative can do the old-school practice of waiting for your statements to come in the mail, it’s a slow process. Considering that probate and estate administration can already take a lot of time, waiting for your mail to come only stretches it out longer for your loved ones. At the minimum, you need to give the people in your plan the power to access an inventory of digital assets, including the type of bank account, legal owner(s), value, and beneficiaries. This is the essential information they need to manage your estate.

It is a common misconception that you should or could just share your passwords to your online accounts with your family. Most terms of service don’t allow you to do that. Also, it doesn’t allow your accounts to remain private because you would have to share this while you are still alive and using your email or other accounts. With a Digital Asset Trust, your family can receive a simple list of your emails without access to read the content.

A "digital asset" is defined as an electronic record in which an individual has a right or interest according to the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) which has been adopted by Arizona and California. This definition includes various forms of electronic data such as emails, social media accounts, digital photos, documents stored in the cloud, and cryptocurrency.

Digital asset planning is the process of ensuring that that there is a way to transfer some of these records in the event of your death or disability. The two main considerations are pictures stored electronically where the picture is a digital asset. The other consideration is for information about your actual assets. For example, your bank is storing information about your account electronically and that is a digital asset. The money in the bank is an actual asset. Digital asset planning solves the problem of how to find information about this account.

Managing these accounts helps:

· Preserve memories (photos, messages, and social media content)

· Protect personal information from unauthorized access

· Prevent identity theft and security breaches