In today’s world, our lives are deeply connected to the digital realm. We store cherished photos, communicate through social media and manage finances online. However, despite the growing importance of these digital assets, many people overlook what will happen to them after they pass away. Without proper planning, this can lead to confusion and even the loss of valuable items that mean a lot to your loved ones. This article will address managing online assets.
Digital estate planning helps ensure that your online assets—like your emails, social media accounts and digital photos—are managed according to your wishes after you’re gone. According to Kiplinger, it’s just as important as making plans for your physical belongings, like your house or bank accounts.
What are Digital Assets?
Before you can plan for your digital estate, it’s important to understand what digital assets are. These include:
- Email accounts: The messages and contacts stored in your email accounts.
- Social media accounts: Your profiles and posts on platforms like Facebook, Instagram and Twitter.
- Photos and videos: Digital memories stored on your phone, computer, or in the cloud.
- Online banking and investment accounts: Financial accounts that exist only online.
- Digital subscriptions: Paid services like Netflix, Spotify and other streaming services.
- Cryptocurrency: Bitcoin, Ethereum, or other digital currencies you own.
How Do You Start a Digital Estate Plan?
The first step in creating a digital estate plan is to list all your digital assets. Include details like usernames, passwords and any other information that would help someone access these accounts. This list forms the foundation of your digital estate plan.
Next, choose a digital executor to manage your digital assets after your death. It’s important to pick someone comfortable with technology and someone you trust to follow your wishes.
What Should Your Digital Estate Plan Include?
Your digital estate plan should outline what you want to happen to your digital assets after passing. Consider the following:
- Access instructions: Provide detailed instructions for how your digital executor can access your online accounts.
- Social media management: Decide whether you want your social media profiles deleted, memorialized, or managed differently.
- Distribution of digital assets: Plan how to distribute valuable digital assets, such as cryptocurrencies or domain names.
- Privacy and security: Specify how to protect sensitive information, such as personal messages or financial data.
Should You Update Your Digital Estate Plan?
Your digital life isn’t static—it changes over time. You might create new accounts, change passwords, or acquire new digital assets. That’s why reviewing and updating your digital estate plan regularly is essential. By keeping it up-to-date, you can ensure that your wishes are accurately reflected.
How Does the Law Affect Digital Estate Planning?
Digital estate planning can be complex because laws around digital assets can vary depending on where you live. It’s a good idea to consult an estate planning attorney who understands these laws. They can help you draft a plan that complies with legal requirements and ensures that your digital assets are handled properly.
Can You Protect Your Digital Assets?
Protecting your digital assets while you’re still alive is essential, in addition to creating a digital estate plan. Use strong, unique passwords for your accounts, and consider using a password manager to keep track of them. You should also enable two-factor authentication where possible and stay vigilant against cyber threats.
Secure Your Digital Legacy
Digital estate planning is crucial for protecting your legacy and ensuring that your loved ones aren’t left with a digital mess. If you haven’t started planning for your digital assets, now is the time. Contact our estate planning law firm today to schedule a consultation. We can help you create a comprehensive plan that covers your physical and digital assets, giving you peace of mind for the future.
Key Takeaways:
- Protect Your Legacy: Ensure that your digital assets, such as photos, social media and online accounts, are managed according to your wishes.
- Prevent Confusion: A clear digital estate plan helps your loved ones navigate your online presence after you’re gone, avoiding unnecessary stress and disputes.
- Secure Your Information: Safeguard sensitive data with proper encryption and password management, preventing unauthorized access.
- Comply with Legal Requirements: Work with an estate planning attorney to create a digital estate plan that meets legal standards and protects your assets and legacy.
- Keep Your Plan Updated: Regularly review and update your plan to reflect changes in your digital assets and accounts.
Reference: Kiplinger (March 15, 2024) “Digital Estate Planning Guide: Get Your Digital Assets in Order”
