When you're making your will with WillMaker, you may wonder whether you can leave your digital assets through your will. The answer is: it depends.
"Digital assets" is a broad term that includes a range of electronic records -- from social media accounts to digital photos, to email, to online financial accounts. You can pass some types of digital assets through your will, but most digital assets transfer in other ways or not at all.
As a general rule, all digital assets that you own and that have a monetary or tangible value will be included in your estate when you die. You can use your will to determine who will get such digital assets. Examples:
If you don't name a specific beneficiary for these digital assets, they will pass to your residuary beneficiary or beneficiaries.
You may also be able use your will to transfer digital assets that you have licensed, like a domain name or a copyright, but this depends on whether the terms of the licensing agreement allow transfer at death. Check your agreements, and see a lawyer if you have concerns.
Practically speaking, most of your digital assets won't pass through your will – either because they do not have monetary or tangible value or because you do not have the right to transfer them. Usually, the value of these non-transferable digital assets comes from their practical or sentimental value to you, your family, or your executor. And often user agreements prohibit transfer to a new owner.
Examples of digital assets that won't pass through your will:
Here is the general rule: If it's not worth money or if you don't own it, you can't pass it through your will.
However, even if you can't pass these types of digital assets through your will, you can and should still make a plan for what happens to them after you die.
Your executor may need access to your digital assets to pay bills, to distribute property, or to follow any instructions you leave about what to do with your online accounts. When you make a will with WillMaker, you will document gives your executor the power to access and control all of your digital assets – including email, social media, blogs, online file storage and financial accounts. However, your executor's legal authority to handle your digital property will be restricted by:
Read more about Why Your Executor Needs Access to Your Digital Assets.
Most states are increasing the rights of executors to access the digital assets of the deceased. These laws could make it possible for your executor to get into to your accounts even if you don't leave your log-in information. If you have digital assets that you don't want your executor to access, get help from an experienced estate planning lawyer who can help you protect your privacy.
The simplest way to ensure that your executor will be able to access your digital assets and accounts after you die is for you to leave explicit log-in information and instructions in a separate letter. That way, your executor will be able to manage your accounts without relying on government laws or company policies. You can leave this information using the Letter to Survivors, included with your will.