In today’s digital age, people accumulate numerous valuable assets online, ranging from social media accounts and email addresses to digital photos and cryptocurrencies. These assets hold not only sentimental value but also financial and practical significance.
Because of their worth, it is wise to include your digital assets in your estate planning.
Take inventory
Before drafting your estate plan, take inventory of your digital footprint. Compile a comprehensive list of all your online accounts, including social media platforms, email accounts, subscription services and financial assets such as cryptocurrencies. Do not forget to include login credentials, passwords and any relevant security information.
Designate a digital executor
Much like appointing an executor to manage your physical assets, designating a digital executor is imperative for handling your online presence after your passing. This individual should be someone you trust implicitly and who possesses the technical know-how to navigate the digital landscape. Your executor will be responsible for managing and distributing your digital assets according to your wishes.
Provide detailed instructions
To facilitate the task for your digital executor, provide clear and detailed instructions on the handling of your digital assets. Specify which accounts to close, transfer or maintain, and outline any specific instructions regarding the dissemination of digital property. Consider factors such as sentimental value, financial worth and privacy concerns when drafting these instructions.
Update your plan regularly
As your online presence evolves, be sure to update your estate plan regularly to reflect any changes. Review and revise your list of digital assets and passwords periodically to ensure accuracy and completeness. Additionally, update your instructions for managing these assets to align with your current wishes and circumstances.
Consider privacy
When planning for your digital assets, consider privacy concerns carefully. Some online accounts may contain sensitive or confidential information that you may not want to be accessible to others after your passing. Take appropriate steps to address these concerns and safeguard your privacy and confidentiality.
Taking the time to include digital assets in your estate plan provides peace of mind and facilitates the seamless honoring of your wishes when you pass.