Portland attorney Victoria Blachly said people can avoid the personal, financial and in some cases legal headaches that come with losing access to their online accounts by creating a Virtual Asset Instruction Letter where they list their online accounts, the passwords they use to access each one, and instructions explaining what, if anything, should be done with the content each account holds.
What happens to all of your online accounts when you die? Will your loved ones be able to access them? If so, what should they do with those accounts? There is much to think about when it comes to your digital estate planning.
An article from The (Bend OR) Bulletin, “Estate planning in a digital world,”says that you can avoid personal, financial, and legal headaches by creating a Virtual Asset Instruction Letter.
A Virtual Asset Instruction Letter is a document in which you can list your online accounts and passwords, along with instructions explaining what should be done with the content each account holds. However, the article says there’s a catch. Even if they have permission, people are breaking the law when they use someone else’s password to access their online accounts. There’s a 30-year-old federal statute that’s still on the books that makes it tough in an era of increasing online usage and information. The federal Computer Fraud and Abuse Act of 1986 threatens criminal penalties for people who access online information “without authorization” or in a manner that “exceeds authorized access.” But the legislation doesn’t define what either of these terms means.
The article notes that the same ambiguity exists in many online service providers’ Terms of Service Agreements. You know, the huge documents we just scroll through and check that we’ve read without really reading. These terms can mean someone who accesses someone else’s online accounts risks civil and criminal actions for violating the Computer Fraud and Abuse Act.
Some states are trying to pass bills which would update their existing laws to allow fiduciaries to access and deal with an individual’s digital assets.
Talk to a seasoned estate planning attorney to see how digital assets are currently being treated in your state.
Reference: The (Bend OR) Bulletin (May 29, 2015) “Estate planning in a digital world”