In today's digital age, our online presence is as significant as our physical presence. Social media accounts, emails, digital photos, and other virtual assets make up a considerable part of our personal and financial lives. However, when it comes to estate planning, these digital assets are often overlooked. Understanding how to incorporate your digital legacy into your estate plan is crucial for ensuring that your online life is managed according to your wishes after you pass away.
Understanding Digital Assets
Digital assets include any piece of personal or financial information that exists online. These range from social media accounts (like Facebook, Instagram, and LinkedIn) to online banking, cryptocurrency wallets, and digital music libraries. Additionally, online businesses, blogs, and domain names are also considered digital assets. These assets can have significant emotional, financial, and sentimental value, making it essential to manage them as part of your estate plan.
Identifying Your Digital Assets
The first step in including your digital assets in your estate plan is to make an inventory of them. This list should include:
- Social Media Accounts: Facebook, Twitter, Instagram, LinkedIn.
- Financial Accounts: Online banking, investment accounts, PayPal, cryptocurrency.
- Email Accounts: Personal and professional email addresses.
- Online Businesses: E-commerce stores, blogs, websites.
- Digital Collections: eBooks, music, movies, online gaming accounts.
- Utility Accounts: Anything that operates digitally like your Amazon Alexa, Google Home, or smart home systems.
Each entry in your inventory should detail how to access these assets, including usernames, passwords, and answers to security questions. It's essential to keep this information secure but accessible to those who will need it.
Legal Considerations
The next step is understanding the legal aspects of managing digital assets after death. Some online platforms have policies for handling accounts after an owner's death, such as Facebook's Legacy Contact or Google's Inactive Account Manager. Familiarize yourself with these policies and decide if they align with your wishes. If they do not, you may need to include specific instructions in your estate plan.
Incorporating Digital Assets into Your Estate Plan
Once you have a comprehensive inventory and understand the legal constraints, it’s time to formally include these assets in your estate plan. This typically involves:
- Writing a Digital Will: This can be a part of your traditional will or a separate document that specifically outlines your wishes for your digital assets.
- Naming a Digital Executor: Assign someone tech-savvy and trustworthy to manage your digital assets. This role can be different from your general executor.
- Providing Access: Ensure your digital executor or a trusted individual has access to your digital assets inventory, ideally through a secure digital management system or a safe deposit box.
Why It’s Crucial
Without clear instructions, your digital assets might become inaccessible or mismanaged after your death. Addressing your digital legacy in your estate plan ensures that personal information is protected, financial assets are transferred or closed properly, and sentimental digital properties are preserved or passed on according to your wishes.
At Estate Law Partners, LLC, we understand the importance of protecting both your physical and digital legacies. We guide our clients through the complexities of digital estate planning, ensuring all aspects of their assets are comprehensively covered. By incorporating your digital assets into your estate plan, you safeguard not just your tangible property but also your online presence, ensuring your legacy is fully preserved.
Call us today at (608) 292-5185 to learn more.
