In our rapidly evolving digital age, the concept of assets has expanded far beyond physical property and bank accounts. Digital assets—ranging from social media accounts to digital photos to cryptocurrencies—are now a significant part of many individuals' estates. In addition to having an estate plan for your financial assets, making a plan for access to and management of digital assets in the event of incapacitation or death can save your estate time, stress, and money.
*Read on for specific actions items and instructions.
What Are Digital Assets?
Digital assets encompass a variety of online accounts and electronic records, including:
· Social Media Accounts: Facebook, Twitter, Instagram, and other social platforms.
· Financial Accounts: Online banking, investment accounts, PayPal, and cryptocurrency wallets.
· Subscriptions and Online Services: Digital music, books, and streaming services.
· Intellectual Property: Blogs, online publications, and domain names.
· Personal Memories: Photos, videos, and emails stored online.
Why Do You Need to Plan for Digital Assets?
Without proper planning, your loved ones and fiduciaries may face significant challenges in accessing your digital accounts, leading to lost memories, unclaimed financial assets, or unmanaged online presences.
Steps to Include Digital Assets in Your Estate Plan
1. Inventory Your Digital Assets: List all your digital accounts and assets, including login information, passwords, and security questions. Paper lists are hard to maintain and can quickly become out of date, so we suggest you use a password manager such as LastPass or Dashlane to simplify this process and to automatically capture information to keep you list up to date.
2. Add a Legacy Contact to Accounts: Designate someone to access and manage your digital accounts. This can be done directly via Apple, Google, Facebook, and other apps and takes just minutes!
Click below for instructions how to do this. Legacy contacts in Apple and Google can also access your passwords. Apple will create a printable QR code and instructions you can should with your estate planning documents.
· Facebook: https://www.facebook.com/help/1070665206293088
3. Provide Clear Instructions: If you have preferences, instructions couldinclude deleting certain accounts, memorializing social media profiles, or transferring ownership of digital property.
4. Update Regularly: Digital footprints change over time. Regularly review your inventory and instructions to make sure it is up to date.
Final Thoughts
Incorporating digital assets into your estate plan may seem daunting, but it's an important step in comprehensive estate management. However, Apple passwords, LastPass, Dashlane, and Google passwords can make the storing of and designation of access to information easier and automatic.
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