In today’s increasingly digital world, your online presence and digital assets have become just as important as your physical ones. From social media accounts to cryptocurrencies, these assets require proper management and planning to ensure they’re protected after you’re gone. Here’s how you can safeguard your digital legacy through estate planning.
1. Inventory Your Digital Assets
Start by making a comprehensive list of your digital assets. This includes:
- Social Media Accounts: Facebook, Instagram, LinkedIn, Twitter, etc.
- Email Accounts: Ensure access to Gmail, Yahoo, or Outlook accounts.
- Financial Accounts: Online banking, investment portfolios, PayPal, Venmo, cryptocurrency wallets.
- Intellectual Property: Blogs, websites, domain names, eBooks.
- Digital Purchases: eBooks, iTunes, Amazon purchases, subscriptions. By having a full inventory, you ensure nothing gets overlooked when planning your estate.
2. Use a Password Manager
Organizing your passwords in a password manager helps make accessing these accounts easier for your executor. Choose a password manager that allows you to assign a trusted individual as a legacy contact, so they can gain access after your passing.
3. Appoint a Digital Executor
A digital executor is a person responsible for managing your digital assets in accordance with your wishes. While not legally recognized in every state, this role can help ensure that your online presence is handled correctly. Be sure to leave clear instructions for managing your digital assets, whether they should be closed, memorialized, or transferred.
4. Include Digital Assets in Your Will
Explicitly mention digital assets in your will or trust. Specify who will have access to these assets, how they should be managed, and any wishes you have regarding their deletion or distribution. Some platforms, like Google and Facebook, allow you to assign legacy contacts who can manage your accounts posthumously.
5. Backup Critical Information
Ensure critical digital assets are backed up securely. For example, photos, important documents, and financial data should be stored in a cloud service with clear access instructions. Include backup codes for two-factor authentication (2FA) to avoid access issues.
6. Understand Platform Policies
Different platforms have varying rules about what happens to accounts after death. For instance, Facebook allows accounts to be memorialized, while Twitter may delete inactive accounts after a certain period. Understanding these policies will help you decide how to manage each account.
7. Plan for Cryptocurrencies
Cryptocurrencies like Bitcoin require special attention since they’re stored in digital wallets with private keys. Without these keys, the assets can be lost forever. Ensure your estate plan includes instructions on how to access and manage your cryptocurrency holdings.
8. Regularly Update Your Plan
Digital assets and platforms evolve quickly. Make it a point to review and update your estate plan periodically to account for any changes in your assets, passwords, or platform policies.
Conclusion
Including digital assets in your estate plan is crucial for protecting your digital legacy. By taking steps such as creating a detailed inventory, using a password manager, appointing a digital executor, and staying up-to-date on platform policies, you can ensure your digital life is managed in line with your wishes. Simpson Law can help you navigate the complexities of protecting your digital assets and your legacy.