Estate Planning for Your Digital Assets

Estate planning for digital assets is becoming increasingly important as our lives and finances become more intertwined with the digital world. Here are some key considerations when planning for your digital assets:

Identify Your Digital Assets: Digital assets can include a variety of things such as online bank accounts, social media profiles, digital photos, emails, cryptocurrencies, and more. It is crucial to make a comprehensive list of all such assets.

Understand the Terms of Service: Each online platform has its own terms of service regarding what happens to an account after the owner’s death. For instance, Facebook allows users to designate a “legacy contact” to manage their account posthumously.

Include Digital Assets in Your Will or Trust: Clearly specify in your will or trust who will inherit your digital assets and how they should be managed or distributed. It is important to provide the executor/trustee of your will/trust with the authority to handle your digital accounts.

Provide Access: Ensure that your executor/trustee or designated person has the necessary information to access your digital assets. This might include usernames, passwords, and answers to security questions. It is advisable to use a secure method to store and share this information, such as a digital legacy service or encrypted digital vault.

Regular Updates: Digital assets can change frequently. Regularly update your estate plan to include new digital assets and to remove any that are no longer relevant.

Legal Guidance: Consult with an estate planning attorney to make sure your plans comply with current laws and regulations, which can vary by jurisdiction.

Planning for your digital assets ensures that your digital legacy is managed exactly as you wish, while also simplifying the process for your loved ones after you are gone. Interested in incorporating digital assets into your estate plan? Wilson Law is here to assist you. Contact our office at 866-603-5976 or fill out our contact form and we will be in touch to schedule a meeting.