In today’s day in age, we find ourselves becoming more reliant and connected with the digital world. Storing memories in camera rolls, staying connected with loved ones no matter distance, or even managing finances and rainy-day funds—the world has become interconnected with the digital realm for almost every need.
But despite the footprint we leave online, there is a lack of understanding in how to preserve your online legacy after death.
The decedents often plan for the inheritances of their physical assets, but without proper planning of your digital assets there can be confusion and even the loss of valuable items
So how do you plan the protection and inheritance of your digital assets—emails, social media accounts, or digital photos to name a few—when you die?
What are Digital Assets?
The digital world is always evolving, providing new services and technologies almost every day. So, what exactly does “Digital Assets” include? The list is non-exhaustive, but it is a mix of financial, business-related and personal assets:
- Financial accounts that exist online like online banking and investment accounts
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- Digital currencies or digital blockchain technologies like Cryptocurrency and NFTs
- Utility accounts and digital intellectual property from your business
- Any messages and contacts stored in your email accounts
- Your profiles and posts from your social media accounts on platforms like Facebook and Instagram
- Digital storage accounts, like photo or video libraries and cloud storage accounts
- Paid subscriptions to digital services like Netflix or Amazon Prime.
How do I Protect my Digital Assets in my Estate Plan?
It is best to begin by taking inventory of all your digital assets and then include your desires and any instructions relating to the management of your assets that you want followed.
Create a list of your digital assets, ensuring you include any details like usernames, passwords, and any other access information someone may need. Decide if you want your social media profiles deleted, preserved, or managed differently after your passing and include this in your estate documents.
Digital assets like crypto currency, investments, and domain names should be distributed to beneficiaries. Be sure to include who you want to inherit these assets in your estate plan.
Many of our digital assets require discrepancy and security. In your instructions to executors and beneficiaries, specify how to protect sensitive information like personal messages or financial data.
Most importantly, and much like our physical, the digital world does not stand still. And much like your physical assets, you should always review and update your estate plan as new events occur. The acquisition of a new digital assets or an update in an old asset are key times to update your estate plan to reflect your most up-to-date wishes for your digital assets.
Who Will Manage my Digital Assets for Me When I Am Gone?
When you create your estate plan, you will designate an executor who will assist in the probate of your estate plan. However, you should also designate a digital executor.
A digital executor is someone named in your estate plan who will manage your digital property after death.
Your digital executor should be tech-savvy, responsible, and trustworthy. It is common to simply choose the executor of your estate plan, but it is not necessary nor required.
When Can I Begin Protecting my Digital Assets?
It is never too early to start protecting your digital assets. Every email, photo album, subscription, and online account plays a role in your legacy—and taking action now ensures they are handled exactly the way you intend.
To start building an estate plan that protects both your physical and digital life, call our River Edge, New Jersey Law Office at 201-502-7834, or send us a message with a brief description of your situation, and we will get back to you right away.