In today’s world, our lives are increasingly tied to the digital world. From bank accounts and cloud storage to social media profiles and email accounts, digital assets now make up a significant portion of a person’s legacy. But what happens to those digital accounts when you die? And how can you plan ahead so your loved ones aren’t left in the dark?

This article explores what Florida residents need to know about digital assets after death—and the estate planning steps you can take now to ensure they’re handled properly.

Understanding Digital Assets

Digital assets can include:

- Financial accounts (e.g., PayPal, Venmo, cryptocurrency wallets)

- Email accounts (e.g., Gmail, Yahoo)

- Social media profiles (e.g., Facebook, Instagram, LinkedIn)

- Photo and file storage (e.g., iCloud, Dropbox, Google Drive)

- Online subscriptions (e.g., Netflix, Amazon Prime, Spotify)

- Domain names, websites, or online businesses

These accounts are often protected by passwords, two-factor authentication, and privacy laws, making access difficult for family members after death.

Florida Law and Digital Assets

Florida has adopted the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). Under this law:

- You can give legal authority to someone (such as your personal representative or trustee) to access your digital assets after your death.

- Online tools take precedence. Some platforms, like Google and Facebook, allow you to name a legacy contact or specify what happens to your account after death. These tools override directions in your will or trust.

- Without clear authority, access may be denied. Most companies won’t share information with your family unless the law specifically permits it, or you’ve given written permission in advance.

How to Plan for Your Digital Assets

1. Take Inventory

Start by listing all your digital accounts and where to find them. Include login URLs, email addresses, and a general description (but don’t include passwords in your estate planning documents).

2. Use a Password Manager

Consider using a secure password manager like LastPass or 1Password that can be accessed by a trusted individual upon your death or incapacity.

3. Name a Digital Executor

In Florida, you can authorize your personal representative, trustee, or another trusted person to manage your digital assets. This should be done explicitly in your will or trust and with language that complies with RUFADAA.

4. Check for Online Tools

Go through each major digital platform and activate any legacy or inactive account manager tools they offer. These are legally binding under Florida law.

5. Write Out Instructions

Even if legally binding instructions are in place, it’s helpful to leave personal wishes: Should your Facebook be memorialized or deleted? Who should access your cloud-stored photos? Should your email be deleted or reviewed?

Common Mistakes to Avoid

- Forgetting to update digital access when you change passwords or add new accounts.

- Assuming loved ones will "figure it out." They may not even know your accounts exist or be able to legally access them.

- Relying on paper lists of passwords without a clear plan or authority in place.

Conclusion

Digital assets are just as important as physical ones in today’s estate plans. Without proper planning, your loved ones may lose access to sentimental photos, financial accounts, or important information.

If you have questions about how to incorporate digital assets into your estate plan, contact Bart Scovill, PLC. We are experienced in helping Florida residents create comprehensive, forward-thinking estate plans. https://scovills.com/?p=2511

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When planning your estate, you may hear the terms "TOD" (Transfer on Death) and "POD" (Payable on Death). These are simple yet powerful tools that allow your assets to pass directly to your beneficiaries—without going through probate. But what’s the difference between them, and how do you know which is right for your situation?

Below, we’ll break down what each term means, how they work in Florida, and why they may be a valuable part of your estate plan.

What Is a POD (Payable on Death)?

A POD designation is typically used with bank accounts—such as checking, savings, or certificates of deposit. You name a beneficiary directly with the bank. Upon your death, the funds transfer to that person automatically. Until then, you retain full control over the account.

Examples of POD accounts:

- Checking and savings accounts

- Money market accounts

- Certificates of deposit (CDs)

Key features:

- Only effective upon death

- No access granted to the beneficiary during your lifetime

- Easy to set up with your bank or credit union

What Is a TOD (Transfer on Death)?

A TOD designation is commonly used with investment accounts or certain titled assets, and in some states, even real estate and vehicles. Like PODs, they allow the asset to bypass probate and go straight to the named beneficiary.

Examples of TOD assets:

- Brokerage and investment accounts

- Stocks and bonds

- Vehicles (in some states)

- Real estate (if Florida law allows via a special deed)

Key features:

- You keep full ownership and control during life

- No probate needed for transfer

- Can be changed or revoked at any time

Comparing TOD and POD

FeaturePODTODAsset TypeBank accountsSecurities, investments, sometimes real estateWhere It's RegisteredWith the bankWith the investment firm or on titleProbate AvoidanceYesYesBeneficiary RightsNo access during your lifeNo access during your lifeCan You Revoke?Yes, anytimeYes, anytime

Why Use TOD or POD Designations in Florida?

In Florida, probate can be time-consuming and expensive. POD and TOD designations offer an easy, inexpensive way to pass assets to loved ones without involving the court system. They’re especially helpful for small to mid-sized estates or when used as part of a broader plan involving trusts and wills.

However, keep in mind:

- TOD deeds for real estate are not widely available in Florida (as of now).

- These tools only cover the designated assets—everything else may still go through probate.

- Naming the wrong person or failing to update beneficiaries can cause conflict.

Choosing the Right Tool for Your Assets

You don’t have to pick one or the other—many estate plans use both TOD and POD designations alongside wills, trusts, and powers of attorney. The key is to align your beneficiary designations with your overall estate goals.

Conclusion: Simple Tools That Can Avoid Complications

Both TOD and POD designations are practical ways to simplify estate transfers and avoid probate in Florida. But they should be used carefully and reviewed regularly to ensure they still reflect your wishes.

If you have questions about how TOD or POD designations fit into your Florida estate plan, contact Bart Scovill, PLC. We’ll help you make sure your assets pass smoothly and according to your intentions. https://scovills.com/?p=2506

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Life changes quickly, and few events change it more than the birth or adoption of a child. If you already have a will in place, you might assume it still reflects your wishes—but under Florida law, the arrival of an afterborn child can significantly alter how that will works.

Florida’s “Pretermitted Child” Rule

In Florida, a child born or adopted after a will is executed—and not mentioned in that will—is called a pretermitted child. Under Florida Statute § 732.302, the law presumes the omission was unintentional. This means the child is entitled to a share of your estate as though you had died without a will (intestate), unless one of the following applies:

- Intentional omission – The will clearly shows you meant to leave out the child.

- Provision for the child’s other parent – You had one or more children when you signed the will and left substantially all of your estate to the afterborn child’s other parent.

- Alternate provision – You provided for the child outside the will, such as through a trust, life insurance, or beneficiary designation.

How an Afterborn Child Changes the Distribution

Your will is not revoked, but the afterborn child’s statutory share must be carved out of your estate. This usually means:

- Other beneficiaries’ shares are reduced proportionally (a process called abatement)

- Specific bequests—such as a gift of cash or property—might need to be partially or entirely liquidated to provide the child’s share

Example in Practice

Imagine you leave your entire estate to a friend in your will. Years later, you have a child but never update the document. Unless one of the statutory exceptions applies:

- If you have no surviving spouse, the child would inherit your entire probate estate.

- If you have a surviving spouse, the child would generally share the estate with the spouse, often splitting it 50/50.

The exact division depends on your family situation under Florida’s intestacy rules.

Why You Should Update Your Estate Plan

The birth or adoption of a child is one of the most important times to review and update your estate plan. Even if you intend to leave your estate as-is, your documents should clearly state that intention to prevent confusion, disputes, or unintended distributions.

Updating your plan can also coordinate other assets—such as retirement accounts, life insurance, and trusts—so that your wishes are carried out without relying on Florida’s one-size-fits-all statutory rules.

If you have questions about how an afterborn child could affect your will—or if it’s time to update your estate plan—contact Bart Scovill, PLC at 941-365-2253 or Contact us to schedule a consultation. https://scovills.com/?p=2702

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When someone passes away, their heirs often receive a “step-up” in the cost basis of inherited assets, which can significantly reduce capital gains taxes. But not all transfers qualify for this valuable tax treatment. Understanding which assets don’t receive a stepped-up basis is just as important as knowing which ones do—especially when crafting a thoughtful estate plan.

What Is a Stepped-Up Basis?

A "stepped-up basis" adjusts the cost basis of an asset to its fair market value at the owner's date of death. This means that if the asset is sold shortly after being inherited, there may be little or no capital gains tax. However, certain transfers and types of property don’t qualify.

Transfers That Do Not Receive a Stepped-Up Basis

1. Lifetime Gifts

If you gift an asset to someone during your lifetime, they inherit your original cost basis—known as a carryover basis. This means any appreciation during your lifetime is still subject to capital gains tax when the recipient sells it.

2. Assets in Irrevocable Trusts (If Excluded from the Estate)

Assets transferred to an irrevocable trust may not receive a step-up in basis if they are not included in the decedent's taxable estate. The key issue is whether the decedent retained sufficient control or interest in the trust.

3. Jointly Owned Property (Depending on Contribution)

In joint tenancy with right of survivorship (JTWROS) or tenancy by the entirety, only the deceased owner’s portion receives a step-up in basis. The surviving owner’s share retains its original basis unless it can be shown they didn’t contribute to the purchase.

4. Retirement Accounts

Accounts such as IRAs, 401(k)s, and annuities are considered income in respect of a decedent (IRD) and do not receive a stepped-up basis. Beneficiaries are taxed on distributions at their ordinary income tax rates.

5. Income in Respect of a Decedent (IRD) Assets

These include:

- Accrued but unpaid wages or bonuses

- Deferred compensation

- Uncollected business income

- Installment sale balances

- U.S. savings bonds (e.g., EE or I Bonds)

- Accrued interest or dividends

These assets pass with their existing value and are taxed as income to the beneficiary.

6. Grantor Trusts Without Estate Inclusion

Assets in certain irrevocable trusts where the grantor retains no interest may not be included in the estate and therefore don’t receive a step-up. It depends heavily on the trust’s structure.

7. Some Business Interests

Certain partnerships and LLCs taxed as partnerships may limit the ability to apply a step-up in basis to underlying assets, especially where special tax elections (like §754) are not made.

8. Out-of-State Joint Property (in Community Property States)

In community property states, the entire property may receive a step-up when one spouse dies—but only if it’s titled as community property. If titled as joint tenancy, only half may qualify.

Why It Matters for Your Estate Plan

A key goal of estate planning is to minimize taxes for your beneficiaries. If you transfer assets during your lifetime or place them in structures that aren’t included in your estate, you may unintentionally forfeit the step-up in basis, leading to higher tax bills for your heirs.

If you have questions about how to protect your family's financial future and take advantage of the step-up in basis, contact Bart Scovill, PLC. We’re dedicated to helping Florida families plan wisely. https://scovills.com/?p=2498

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Few names are more recognizable in professional wrestling than Hulk Hogan. From his days headlining WrestleMania to his reality TV appearances, Hogan has lived much of his life in the spotlight. Off stage, he has also been through a highly publicized divorce, financial ups and downs, and ongoing questions about his wealth and property.

When celebrities face estate disputes, they tend to make headlines. But the truth is, estate planning issues that can affect Hulk Hogan’s estate are the same ones that can affect Florida families every day.

Celebrity Estates Draw Attention for a Reason

Hogan has owned several homes in Florida, including a waterfront estate in Clearwater. Because Florida’s homestead protections are some of the strongest in the country, his property ownership and estate planning decisions will determine how — and to whom — his assets can be passed.

Just as we’ve seen with other celebrity estates, the lack of a clear estate plan can spark confusion, family disagreements, and even litigation. A famous name just makes it more public.

Why Estate Planning Is Critical in Florida

Even if you don’t own a mansion on the water, Florida law applies to your home and property the same way it does for celebrities. Some key considerations:

Florida Homestead Protections

Florida’s constitution shields a homestead property from most creditors and restricts how it can be left to heirs. Without a properly structured estate plan, a surviving spouse and children may end up sharing interests in a property — sometimes leading to disputes or forced sales.

Divorce, Remarriage, and Blended Families

Hogan’s divorce and later remarriage highlight a common issue: estate plans must be updated after major life changes. Florida statutes can unintentionally give shares of an estate to former spouses or stepchildren if planning documents are outdated.

Privacy and Probate

When estates go through Florida probate, the court process and filings are public record. Celebrities are not the only ones who may want to avoid public exposure of their finances. A properly funded revocable trust can help keep family matters private.

Asset Protection and Financial Ups and Downs

Hogan has faced lawsuits and financial troubles over the years. For any Floridian, structuring ownership and beneficiary designations correctly can provide stability and help protect family members if unexpected financial issues arise.

The Lesson from Hulk Hogan’s Estate

Estate planning is not just for the rich and famous. The very issues that make headlines in celebrity estates — homestead restrictions, blended family disputes, probate battles — are the same ones that can create challenges for everyday Florida families.

By taking the time to put a thoughtful plan in place, you can protect your home, reduce stress on your loved ones, and ensure your wishes are carried out. https://scovills.com/?p=3023