Digital assets are now a permanent part of many Michigan estates. Cryptocurrency, online investment accounts, digital wallets, NFTs, cloud-based financial records, and even monetized social media accounts can carry real value and legal significance. Many families are surprised to learn that these assets are often inaccessible after death or incapacity if planning documents are outdated or incomplete. We work with clients throughout Oakland County and Macomb County who want clarity and control over how their digital assets are managed, accessed, and transferred under Michigan law.

Estate planning for digital assets requires more than listing passwords or writing informal instructions. Michigan law treats digital property differently from traditional assets like real estate or bank accounts. Without clear legal authority, even a trusted family member or agent may be blocked by federal privacy laws or platform terms of service. The result is confusion, delay, and lost access. Our goal is to ensure that your estate plan reflects modern asset ownership while staying compliant with Michigan statutes that govern powers of attorney, fiduciary authority, and estate administration.

How Michigan Law Defines Digital Assets

Michigan has adopted the Fiduciary Access to Digital Assets Act, which governs how fiduciaries may access digital assets. Under this law, digital assets include electronic records in which an individual has a right or interest. This covers cryptocurrency held in exchanges or private wallets, online financial accounts, digital payment platforms, and other electronically stored value.

The law creates a structured priority system. Online tools provided by service providers take precedence, followed by estate planning documents, and lastly the provider’s terms of service. This means your will, trust, or power of attorney must clearly grant authority over digital assets if you want your fiduciary to access them.

Digital Assets And The Estates And Protected Individuals Code

Michigan’s Estates And Protected Individuals Code, found at MCL 700.1101 et seq., governs wills, trusts, probate administration, and fiduciary duties. Digital assets fall within this framework when an estate is administered or a trust becomes operative. Personal representatives and trustees must act within the authority granted by statute and the governing documents.

If digital assets are not properly addressed, fiduciaries may lack the legal authority to manage or transfer them. This is particularly important for crypto assets, where private keys or authentication measures are required. Without proper planning, assets may remain permanently inaccessible. We focus on aligning wills and trusts with EPIC requirements so digital property is handled lawfully and efficiently.

Planning Challenges Unique To Cryptocurrency

Cryptocurrency presents unique estate planning concerns. Unlike traditional accounts, there is often no centralized institution that can reset access. Ownership is tied to private keys and authentication credentials. If those are lost, the asset may be unrecoverable.

Michigan law allows fiduciaries to access digital assets when authority is properly granted, but it does not replace the need for secure planning. We help clients structure access instructions, designate responsible fiduciaries, and integrate crypto holdings into broader estate plans without exposing sensitive information publicly.

Incapacity Planning And Digital Assets

Estate planning is not limited to death. Incapacity planning is equally important. If you become unable to manage your affairs, your agent under a power of attorney may need immediate access to digital accounts to pay expenses or manage investments. Under MCL 556.201 et seq., that authority must be clear and properly executed.

We routinely update incapacity documents to reflect current law and current asset structures. This ensures continuity and avoids court involvement when swift action is needed.

Why Modern Estate Plans Must Address Digital Property

Many Michigan estate plans were created before digital assets became common. As a result, they fail to address online accounts, crypto holdings, or digital financial tools. Updating these documents is not just advisable, it is necessary to keep pace with how wealth is stored and managed today.

We take a practical approach that integrates digital assets into existing estate plans while complying with Michigan statutes. This allows families to avoid uncertainty and ensures fiduciaries can act with confidence.

Frequently Asked Questions About Digital Assets And Michigan Estate Planning

What Are Considered Digital Assets Under Michigan Law?

Digital assets include electronic records in which you have an interest. This can include cryptocurrency, online financial accounts, digital wallets, payment platforms, and electronically stored investment information. Michigan law recognizes these assets and provides rules for fiduciary access when proper authority exists.

Can My Family Access My Cryptocurrency If I Become Incapacitated?

Only if your power of attorney clearly grants that authority. Under the Michigan Uniform Power Of Attorney Act at MCL 556.201 et seq., vague language is often insufficient. Without express authority, exchanges and platforms may deny access.

Does A Will Automatically Cover Digital Assets?

Not always. While a will can grant authority, Michigan law gives priority to online tools and specific authorizations. Proper drafting is required to ensure your personal representative can lawfully access and manage digital property.

How Do Michigan Trusts Handle Digital Assets?

Trusts can be an effective way to manage digital assets, but the trust document must clearly authorize the trustee to access electronic records. EPIC governs trustee authority, and coordination with digital asset laws is essential.

Should I Share Passwords In My Estate Plan?

Public documents like wills should not contain sensitive login information. Instead, legal authority should be granted through proper documents, with access instructions handled securely outside of the estate plan itself.

Do I Need To Update Old Estate Planning Documents?

Yes. Documents created before the repeal of MCL 700.5501 through 700.5505 often do not comply with current law. Updating ensures alignment with the Michigan Uniform Power Of Attorney Act and modern asset ownership.

Call Boroja, Bernier & Associates For A Free Consultation

If you own cryptocurrency or other digital assets, your Michigan estate plan should reflect that reality. At Boroja, Bernier & Associates, we help clients create estate plans that address modern assets while complying with Michigan law. With offices in Troy, Michigan and Shelby Township, Michigan, we proudly serve individuals and families throughout Oakland County and Macomb County. Call the Michigan estate planning attorneys at Boroja, Bernier & Associates at 586-991-7611 to schedule a consultation.