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 South Carolina, managing digital assets after death is an important aspect of estate planning. The state has adopted legislation based on the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which allows individuals to plan for the management and disposition of their digital assets in a similar manner to physical assets. This law enables a person to grant consent for disclosure of digital assets to a designated fiduciary through a will, trust, power of attorney, or other record. It is important for individuals to provide clear instructions regarding their digital assets, including passwords and encryption keys, to ensure that their heirs or designated beneficiaries can access these assets upon their death. Without such planning, accessing online financial accounts, social media, email, and other digital assets can be complicated for family members or executors. Consulting with an attorney who specializes in estate planning can help individuals navigate the process of incorporating digital assets into their estate plans and ensure that their wishes are honored.