Your online activities are a big part of your life. It is imperative that you take the time to think about what is going to happen to your digital assets when you pass away or your loved ones might be left with a difficult situation that requires them to figure out if and how they can access this information. In some cases, bank accounts and other financial accounts online can provide your loved ones with stability during this troubling time.
New Jersey has recently passed a new law. It makes the state one of 24 that uses the Uniform Fiduciary Access to Digital Assets Act to govern what happens to digital assets after death. This is meant to make things easier when a person with digital assets dies without providing ways for someone else to take over the assets.
The new law isn't something that covers all situations. In fact, there might be some limitations to what it can do. One thing that might be difficult is that there are different locations where digital assets can be stored. This might have an impact on how the act is applied.
If you have digital assets that you need to make plans for in the future, you should find out the best option for doing this. The goal of your estate plan is that you need to ensure that your wishes are precisely conveyed in a way that is legal. This can help your loved ones to learn about what you want and can make it easier for them to do this.
Source: NJTV, "New legislation addresses inheritance of digital assets," Briana Vannozzi, Sep. 25, 2017