In today’s digital age, estate planning is no longer limited to physical assets like real estate, bank accounts, and personal belongings. Many people have significant digital footprints, including social media accounts, online banking, cryptocurrency, and other digital assets. Without proper planning, these valuable and often sentimental assets can become inaccessible or lost after death. Digital estate planning ensures that your online presence and assets are handled according to your wishes.

 

Why Digital Estate Planning is Important

 

Digital assets can have both financial and sentimental value. Without a clear plan, loved ones may struggle to access these accounts, and some assets may even be permanently lost. Additionally, identity theft is a growing concern, making it crucial to secure your online information after your passing.

 

Types of Digital Assets to Consider

 

When creating a digital estate plan, consider the following types of digital assets:

• Financial Accounts: Online banking, investment accounts, PayPal, Venmo, and cryptocurrency wallets.

• Social Media Accounts: Facebook, Instagram, Twitter, LinkedIn, and other social platforms.

• Email Accounts: Access to important emails containing financial and personal information.

• Digital Subscriptions: Netflix, Spotify, cloud storage, and other paid online services.

• Personal Data and Documents: Photos, videos, and important files stored in the cloud.

Steps to Protect Your Digital Assets

 

1. Create an Inventory of Your Digital Assets

 

List all of your online accounts, passwords, and security questions. Consider using a password manager to securely store and organize this information.

 

2. Appoint a Digital Executor

 

A digital executor is a trusted individual responsible for managing your digital assets after your passing. This person should be tech-savvy and familiar with your wishes regarding digital accounts and assets.

 

3. Provide Clear Instructions for Your Digital Assets

 

Specify what should happen to each of your digital assets. For example, you may want certain social media accounts memorialized, deleted, or transferred to a family member.

 

4. Utilize Online Legacy Features

 

Many platforms allow users to set up legacy contacts or account access after death. Examples include:

• Facebook: Allows users to designate a legacy contact to manage their account.

• Google’s Inactive Account Manager: Lets users specify what happens to their account after a period of inactivity.

5. Include Digital Assets in Your Will or Trust

 

Clearly outline your digital estate plans in your will or trust. However, avoid listing specific passwords in legal documents, as they become public records after death. Instead, store them securely and provide access instructions separately.

 

6. Keep Your Plan Updated

 

Just like traditional estate plans, digital estate plans should be reviewed and updated regularly to reflect new accounts, password changes, or changes in preferences.

 

Consult an Estate Planning Attorney

 

Digital estate planning is an essential part of modern estate management. Working with an experienced estate planning attorney can help ensure that your online assets are protected and properly managed. Contact our law office today to start securing your digital legacy.