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©2018 by Law Office of Matt Devitt

Livonia, Plymouth and Northville's local attorney, focusing on pragmatic value based solutions for your estate planning, small business, and real-estate legal needs. Give Matt a call (734) 335-0713 for a free consult. Our goal is to build long term relationships by earning your trust with every matter that we handle.

Disclaimer - The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

Incorporating Digital Assets in Your Comprehensive Estate Plan

Many individuals first thought when they hear “digital asset” is that this really doesn’t apply to me.  In reality, most people have a pretty broad and robust digital life that does need to be integrated into their estate plan. 

What Assets are Considered Digital?

Under Michigan’s Fiduciary Acess to Digial Assets ACT (FADAA) a digital asset is defined as “an electronic record in which a user has a right or interest.” The definition specifically does not include an underlying asset or liability unless the asset or liability is itself an electronic record.  This is a very broad definition and includes “content” like social media, cloud accounts, emails, and drop-box among other things.

How to Prepare Your Digital Assets

Preparing your digital assets is typically a two step process. 

Step One - develop an inventory of your digital assets and let someone you trust know of the location of the list and what you would like to have done after your passing.  The list should include essentially all information needed to access the account and be kept up to date. 

 

Step Two - you need to create or update your estate plan to allow a fiduciary access to your digital assets.  This can be accomplished through 1) a trustee acting under a trust or 2) a fiduciary acting under will or power of attorney.   

Without proper planning of the two steps listed above, gaining access to important family memories and other important digital assets can become very complicated and time consuming. 

When to Involve an Estate Planning Attorney

If you have digital assets that will require management by loved ones after your passing, it is best to consult an experienced estate planning attorney.  This important step will help to ensure a smooth transition to a designated personal representative. 

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39111 Six Mile Rd
Livonia, Wayne County 48152
USA

734-335-0713

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