Essentials of Digital Estate Planning
In the past, estate planning involved allocating financial and physical assets and ensuring your burial and memorial wishes were laid out for your loved ones. Today, there’s an additional aspect to consider – digital assets. Banking, social media accounts, shopping accounts, and personal domains must be handled appropriately. To help your loved ones ensure your digital assets are protected, you need to create a digital estate plan.
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Make a List of All Your Accounts
This may be more extensive than you first think
- Email accounts
- Social media accounts
- Content stored on your smartphone
- Digital Calendars
- Cloud storage
- App subscriptions
- Websites and blogs
Include hardware such as:
Tablets, mobile phones, laptops, cloud storage accounts, e-reading software, social media, banking, and email. Be sure to include user names and passwords and the location (URL or device) for each account. Using a password manager helps in this process.
Decide How You Want Each Asset Handled
You may want some accounts deleted or deactivated, while others may want to be saved or transferred to others. Although your wishes may conflict with some companies’ terms of service, communicating your desires is still important. If any of your digital assets have a monetary value – say, an online stock trading account – be clear about what you want done with those assets and who should manage the accounts.
Name a Digital Executor
Choosing who will manage your digital assets is a decision that blends trust with technical know-how. This person, your digital executor, will be the custodian of your online legacy, so select someone who appreciates the sensitivity and importance of this role.
Store It
Be sure all this information is stored securely and accessible for your loved ones to find. The best places to do this are with your attorney, an online password manager, or a locked safe or bank deposit box. Once you’ve stored it, let some key people in your life know where it is.
Make It Legal
Almost all states now have laws protecting digital estates, so it’s possible to add your digital estate plan to your will as a codicil. Laws constantly change, so check with your attorney to see if you can make your digital estate plan legally binding. Some well-established online platforms, such as Trust & Will, are revolutionizing the estate planning industry with their commitment to simplicity, affordability, and inclusivity. This online platform has empowered hundreds of thousands of families to create personalized estate plans, reflecting a significant leap from humble beginnings to a venture backed by some of the most reputable investors and companies.
Pro tip:
Don’t include passwords and other login information in your will. This avoids continual updates. Instead, include information about where login information is stored.
Planning is more important than ever in today’s highly digital society, including digital assets in your estate. Take the time to ensure your data is safe and your loved ones know how you want your online data handled. For more information on your digital assets, check out the book that the co-founders and co-CEOs of Everplans wrote on this subject.
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