For many people, access to their financial and business assets is primarily online—including bank accounts, brokerage accounts, retirement accounts, retirement plans, life insurance policies, cryptocurrencies, domain name registrations, blogs, and websites. If you do not make passwords, keys, and the identity of these assets known to your beneficiaries or heirs it may be difficult or impossible for them to gain access to these assets at your death.

In addition to these financial and business assets, access to email accounts, phone passwords, computer passwords, home security accounts and passwords, cloud storage accounts, digital photo albums, videos, and social media accounts are often valuable personal assets and methods for accessing other assets. You may want to allow certain members of your family, friends, or other heirs to receive access to these assets and to have authority to bypass, reset, or recover passwords.

You may want to consult with your estate planning lawyer or financial advisor about options for distributing these assets (and providing access to them) by will, trust, or other means.

Many states have laws that govern access to digital assets and the obligations of a custodian of digital assets (including a website or online service provider) to disclose digital assets to a fiduciary such as the executor or administrator of a deceased person’s will or estate. These laws are usually located in a state’s statutes; are a version of the Uniform Fiduciary Access to Digital Assets Act; and are similarly titled (named) in the state’s statutes.

In Iowa, the management and inheritance of digital assets, including financial and business assets that are primarily managed online, are governed by the Iowa Revised Uniform Fiduciary Access to Digital Assets Act (IUFADAA), which is found in Chapter 633B of the Iowa Code. This act allows individuals to plan for the management and disposition of their digital assets by using online tools provided by custodians (such as social media or cloud storage providers), or by giving directions in a will, trust, power of attorney, or other record. The act gives fiduciaries (like executors or trustees) the legal authority to access, manage, or transfer digital assets, subject to certain privacy protections and the user's expressed intent. It is important for individuals to make arrangements for their digital assets and to provide necessary information, such as passwords and encryption keys, to their intended beneficiaries or fiduciaries. Consulting with an attorney who specializes in estate planning can help ensure that these digital assets are properly included in one's estate plan and that the fiduciaries have the necessary authority to manage these assets after the individual's death.