Pretty much everyone has a digital identity nowadays. Most of us use social media, store files online, and use email as a primary source of communication. Some people have digital assets related to their businesses as well, including many businesses that are entirely web-based. So what happens to your digital assets upon death? This is an increasingly important element of estate planning.
7 Tips for Digital Assets in Estate Planning
When it’s time for you to start the estate planning process, Daic Law recommends keeping these 7 tips in mind:
- Start an Inventory: Start an inventory of your digital assets. Make a list of accounts, usernames, passwords, and security information. Keep this inventory somewhere safe.
- Manage Passwords: Rather than including a list of usernames and passwords in your will, use a password management software, and make sure that information will be available to your executor.
- Online Storage Safety: Consider using an online cloud storage, or vault, like Dropbox or Everplans. These options allow you to safely store digital images, scan paper documents to digital, and keep all your documents in a safe location.
- Digital Asset Plan: As part of your estate plan, include a detailed plan for your digital assets. This somewhat separate part of your estate plan can help you specify your wishes and ensure that your information is safe.
- Authorization: You should include very specific instructions about the role of your executor and what he or she will have authority to do on your behalf. Your executor should have a specific role, and should not be invasive or inappropriate with your information and records.
- Choosing an Executor: When choosing an executor, be picky. Choose someone you can trust, who can be objective, and who you know will follow your wishes.
- Statement of Intent: Talk to your estate planning attorney about creating a statement of intent for each digital account. If you have numerous accounts, it may be better to have a broad statement for overall. If you need to specify details of one or more accounts, you can always have specific statements of intent for those accounts.
Get More Estate Planning Advice
For more tips on estate planning or advice on your specific estate planning needs, contact Daic Law. Our estate planning attorney can give you the advice you need to ensure that your digital assets are securely included in your plan. Contact our office by calling 877-893-6040, or by emailing us at email@example.com.