From social media accounts to digital files, a digital footprint is becoming increasingly important.
Therefore, you should consider not only our physical belongings but also our online presence when planning for the future.
Inventory your digital assets
Are you one of the 33% of individuals who have an estate plan? Did you remember to include your digital assets? Begin by creating a comprehensive list of all your digital assets. This includes social media accounts, email accounts, online subscriptions, digital files (e.g., photos, videos and documents), cryptocurrency holdings and any other online accounts or assets you may have.
Organize and secure your accounts
Use strong, unique passwords for each account and consider using a password manager to help keep track of them. Enable two-factor authentication whenever possible. This adds an extra layer of security.
Designate digital beneficiaries
Just as you would designate beneficiaries for your physical assets, name beneficiaries for your digital assets. This gives your loved ones access to your online accounts. Then, they can manage these assets according to your wishes in the event of your incapacitation or death.
Specify your wishes
Clearly communicate your wishes regarding your digital assets to your loved ones. Consider writing a letter of instruction or creating a digital estate plan to outline your preferences in detail.
Plan for account closure or transfer
Decide whether you want your digital accounts to close, transfer to a designated beneficiary or become memorialized after your death. Many online platforms have specific procedures in place for handling the accounts of deceased users. Familiarize yourself with these policies and incorporate them into your digital estate plan.
Your digital assets will change over time, so regularly review and update your digital estate plan as needed. Keep your plan current to ensure that your digital legacy gets managed according to your wishes.