Over the past few months, we have covered many estate planning topics in our blog: blended families, elder abuse, LGBT couples’ planning, drafting a will, giving while living, and last final wishes – just to name a few. Digital assets are a new topic to explore. You might be thinking, “What’s the definition of a digital asset?” A digital asset is any online content owned by an individual. This could be any cloud-based storage files, photos, videos, text, or other documents in online locations.
So, what does happen to our email accounts, online banking, and social media when we die? Will our followers on Instagram miss us? Will Facebook un-friend us when we’re gone? Read on for a few tips on how to protect your digital assets and preserve your online legacy.
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Think broadly, and make a list
To start protecting your digital assets, you need to make an expansive list. This will include any accounts that you manage online, and any physical storage devices and their locations. Some suggestions to include:
- Computers, tablets, smartphones, flash drives, and other digital devices
- Cloud-based storage locations
- iTunes, Amazon Video & Kindle libraries, and Audible accounts
- Email, Messenger, Group-communication accounts
- Social media, photo/file sharing, or gaming accounts
- Websites or blogs
- Any intellectual property, copyrighted materials, or trademarks
- Anything that is password-protected should be on this list.
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Determine a Digital Executor, and the legacy plan
You have to decide what to do with your digital assets. You may decide you want your social media accounts completely deleted, or you may decide to leave them as a virtual memorial. You may need accounts transferred to family members or business partners. If any of the digital assets are generating revenue, you will want to determine a financial plan. These are questions that an Estate Planning Attorney can help you explore. Your information needs to be accessible, but secure while you are still living. You can keep passwords, account numbers, and access information safe in hard copies by using an estate planning attorney, or a locked fire-proof safe. There are online storage services available, but they could be a redundant practice as we are discussing post-humus online accessibility. If you choose to use such a service, it is important to communicate accessibility (just like sharing the location of the key to a physical safe.) Know who you can trust for your executor, and share the information with your spouse, loved ones, or business partners.
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Make it legal and binding
When working with an estate planning attorney, your digital asset estate plan can be a legal and binding document. In your formal estate planning documents, you can instruct your traditional executor to work with your digital executor. All of your instructions for your digital assets estate plan can be included as an addendum to your traditional estate plan. Do not include how to access your digital assets. This should be secure information for your digital executor only.
The best thing you can do is start now. I can help. Gather those usernames and passwords, and
