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 Maine, the regulation of digital assets in the context of estate planning is governed by the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which has been adopted by the state. 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 platforms or financial institutions) or by providing directions in their will, trust, or power of attorney. It is important for individuals to make arrangements for their digital assets, including financial accounts, social media, and other online presences, to ensure that their heirs or designated fiduciaries can access these assets after their death. An attorney specializing in estate planning can assist with incorporating digital assets into an estate plan, ensuring that all legal requirements are met and that the individual's wishes are clearly articulated. Beneficiaries or heirs may face challenges in accessing digital assets if proper planning is not done, so it is advisable to consult with an attorney to explore options for distributing these assets and providing access to them through the appropriate legal means.