Protecting Your Digital Legacy: Managing Online Accounts in Your Estate Plan
In the digital age, your online presence can be as substantial as your physical one. From social media accounts to financial platforms, your digital assets form an integral part of your life. But what happens to these online entities after you’re gone?
The concept of digital legacy is becoming increasingly significant in estate planning. This article aims to guide you through the process of protecting and managing your digital assets effectively, ensuring your digital legacy remains secure and is handled according to your wishes after you are gone.
This article will cover:
- What Are Digital Assets?
- Including Digital Assets in Your Estate Plan
- Identifying and Inventorying Your Digital Assets
- Appointing a Digital Executor
- Securing and Protecting Your Digital Assets
- Communicating Your Digital Estate Plan
- Seeking Professional Help
1. What Are Digital Assets?
Digital assets represent a broad array of online entities that possess either sentimental or monetary value. They can be tangible like cryptocurrencies, digital shares in stocks, or funds in an online payment account such as PayPal. Alternatively, they can be intangible, encompassing everything from your social media profiles, emails, and digital photographs to personal blogs or websites.
Even virtual properties owned in online games or domain names registered under your name are considered digital assets. Digital collections of music on platforms like Spotify or books on Amazon Kindle also fall under this category. In essence, if it’s in a digital format and you own it, it’s a digital asset.
2. Including Digital Assets in Your Estate Plan
Including digital assets in your estate plan is a crucial step in comprehensive estate planning. Just as you would provide information about your physical assets and bank accounts to the executor of your will, you should also account for any digital assets you own.
The process begins with taking inventory of all your digital assets, which can range from domain names, email accounts, social media profiles to electronically stored photos and videos. It’s important to decide how you want these assets handled after your demise and who will be the digital executor to carry out your wishes.
Storing this information securely, such as with your estate planning attorney or in a password-protected online database, can ensure the safety of your digital estate plan. Remember, the assets you’ve stored online require different treatment than your physical assets, hence they need to be included in your will or estate plan.
3. Identifying and Inventorying Your Digital Assets
Identifying and inventorying your digital assets is a crucial first step in protecting your digital legacy. This process involves gaining a full understanding of all the digital assets you own, which can range from social media accounts and emails to digital photographs, blogs, online financial accounts, and even virtual properties in online games.
Experts recommend categorizing these assets into groups based on their type, purpose, and relevance to make the management of these assets more efficient. Creating an inventory gives a clear overview of everything you’ve stored online, ensuring that nothing is overlooked in your estate plan.
It’s also important to consider access management, determining who should have access to these assets and how this access should occur. Managing your digital assets can be overwhelming, but it’s an essential task to ensure they’re protected and accounted for in your estate plan.
4. Appointing a Digital Executor
Appointing a digital executor is an essential aspect of digital estate planning. This individual is entrusted with the responsibility of managing your digital assets according to your wishes after your passing. The digital executor’s primary objective is to secure access to, manage, and distribute or dispose of your digital assets in line with the instructions outlined in your estate plan.
This might include closing accounts, memorializing social media profiles, or even continuing an online business. It’s crucial to choose someone you trust implicitly, as they will have access to all your online accounts and sensitive information.
In addition to trust, you should consider their technical skills and ability to handle this role. Your digital executor is usually separate from your executor and will not be required to handle the traditional estate planning duties required of an executor; however, you are able to select one person for both roles if that is your preference. As always, talk to your estate planning attorney if you are unsure about who to select for these roles.
5. Securing and Protecting Your Digital Assets
Securing and protecting your digital assets is an integral part of your digital estate plan. This not only involves creating robust passwords for all your online accounts but also includes setting up two-factor authentication where possible to add an extra layer of security. You should store these passwords and access details in a secure manner, such as in a password-protected document or a secure digital vault.
It’s also essential to have an up-to-date antivirus software and firewall protection to prevent unauthorized access to your digital assets. To protect your digital legacy, it’s advisable to back up your digital assets regularly, either on an external hard drive or in the cloud.
6. Communicating Your Digital Estate Plan
Communicating your digital estate plan to the relevant parties is a critical part of ensuring your digital legacy is handled according to your wishes. This involves sharing your intentions with your appointed digital executor and any other individuals involved in the management of your digital assets.
It’s crucial that these individuals understand your wishes for each digital asset, be it deleting, transferring ownership, or preserving them. You should also periodically remind them about the location of the plan and how to access it. Communication with online service providers is equally important, as their policies can impact how your digital assets are managed after your death.
7. Seeking Professional Help
Seeking professional help is a valuable step when it comes to protecting your digital legacy and managing your online accounts as part of your estate plan. Estate planning lawyers can help you navigate the complex legal issues surrounding digital assets and ensure your estate plan complies with relevant laws.
For a Wauwatosa estate planning attorney who can help protect your digital legacy, contact Attorney Paul Margerie at Margerie Law. Serving clients through the greater Milwaukee area, Margerie Law can guide you through the process of including digital assets in your estate plan. Don’t leave your digital legacy to chance – seek professional help today!
By Paul Margerie, Owner of Margerie Law
Paul Margerie of Margerie Law is a knowledgeable and experienced estate planning attorney based in Wauwatosa, WI. With years of experience helping families and individuals with their estate plans, he offers a gentle touch that puts his clients at ease. He understands the sensitive nature of this work and ensures that all details are taken care of with precision and accuracy. He strives to help each client achieve peace of mind that their future is protected by providing personalized advice and creating tailor-made solutions that fit their individual needs.
