Estate Planning for Digital Assets in Massachusetts – All You Need to Know

An estate plan is a great way to retain control over your finances for the remainder of your life. It’s essential to consider all facets of your financial profile when creating your estate plan, which may include digital assets. Fortunately, you don’t have to do it alone. Estate planning for digital assets in Massachusetts can seem complicated, but you can hire an estate planning lawyer to simplify the process.

Estate planning for digital assets is a relatively new concept. These types of assets emerged in the 21st century and have continued to grow as more businesses shift their operations online.

Estate Planning in Massachusetts

About 24 percent of people in the United States have an estate plan in place. Less than half of the people living in the United States have a will in place that outlines their wishes for what should happen to their money and other assets in the event of their death. This number has been on the decline in recent years, with procrastination being the primary reason for not creating an estate plan. Other reasons behind people’s reluctance to establish an estate plan include:

• Effects of the COVID–19 pandemic
• Not having enough assets
• Not having anyone to receive assets
• Not understanding the process
• Too expensive
• Too time-consuming

It’s beneficial to have an estate plan in place, so you can feel confident that your assets go where you want once you pass away. In addition to managing your assets, you can also manage your debts through your estate plan. Studies show that approximately 55 percent of Americans are going to pass on debt after they die.

Single individuals with no attachments and few assets may not be in as much of a pressing need as those with families and complex financial profiles, but estate planning is essential for people of all walks of life at any stage in their lives. That’s where our Massachusetts estate planning lawyers come in.

Every estate plan is unique and ultimately hinges on your specific situation. It’s helpful to seek legal counsel from an Easton estate planning attorney, so you can fully understand your financial profile and have the right tools to secure everything for the future.

Estate Planning for Digital Assets in Massachusetts

Since estate planning for digital assets requires additional attention, it’s helpful to work with an estate planning attorney who has experience navigating Massachusetts estate planning laws in reference to these types of assets. These days, wills often include clauses covering digital assets. This poses an interesting situation due to the rapid and continuous advancement of technology, as it can make it difficult to keep wills up to date at the same pace.

The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) is a law that automatically grants personal representatives access to a decedent’s digital assets. However, Massachusetts is one of a handful of states that has not enacted a version of this law. There is currently related legislation pending in Massachusetts to help improve estate planning with digital assets.

Until then, the law can be a bit complex. That’s why it’s important to take the necessary steps to secure your digital assets within your estate. An attorney who is familiar with the Bristol County Probate and Family Court and Massachusetts estate planning laws can help you through this process, so you can be sure you’re doing everything properly.

Work With an Estate Planning Attorney in Massachusetts

Albanese Law, LLC has years of experience navigating estate planning laws. We’re familiar with how Massachusetts handles digital assets and can work with you to ensure your finances and property are properly protected.

Over our years in business, we’ve earned a Superb rating by Avvo and won the Avvo Clients’ Choice Award, too. Most importantly, we’ve gained the trust of the many Massachusetts residents that we’ve helped.

FAQs

What Are Examples of Digital Assets in Massachusetts?

Digital assets include a variety of electronic or online assets that typically hold some value, whether it be financial, practical, or sentimental. Common examples of digital assets include cryptocurrency holdings, digital photos, videos, electronic documents, email accounts, gaming accounts, intellectual property, loyalty programs, online banking or investment accounts, and streaming service subscriptions.

Do I Have to Hire an Estate Planning Lawyer to Create an Estate Plan in Massachusetts?

You’re not required to work with an estate planning attorney to create an estate in Massachusetts. That said, it’s highly recommended that you do seek legal counsel, especially with more complex estates that involve digital assets. Your attorney can help you understand your options for protecting your assets and ensure you can maximize the value of your estate plan.

How Much Does It Cost to Work With an Estate Planning Attorney in Massachusetts?

It’s difficult to estimate the cost of working with a Massachusetts estate planning lawyer without knowing more information about your finances and about where you’re at in life in general. Estate planning attorneys typically charge either a flat fee for specific services or an hourly rate for more complex and lengthy cases. That’s why many law firms, including Albanese Law, LLC, offer initial appointments to learn more about your case and provide an accurate estimate.

What Happens if I Don’t Have a Clause About Digital Assets in My Will in Massachusetts?

If you did not add a clause about digital assets, it can be more difficult for the representative of your estate to access these assets. The Supreme Court ruled that while personal representatives are legally able to access a decedent’s credentials, internet companies are not obligated to comply depending on their user agreements. This means that your representative may have to fight for access to these assets during the probate process.

Hire an Estate Planning Lawyer to Secure Your Assets in Massachusetts

Albanese Law, LLC has decades of experience navigating Massachusetts estate planning laws, so we’re confident we can help you create a solid plan to secure your financial future. If you’re ready to secure your financial future for generations to come, connect with a member of our team to set up an initial appointment today.