Chances are, if you’ve gone through the steps of creating an estate plan, you’ve thought about who will inherit your financial assets, your home, vehicles, etc. Maybe you were even an overachiever and took the extra steps to ensure the smaller things like grandma’s China set, your collection of signed Alabama paraphernalia, or even the prized family bean-bag tournament trophy all end up with the beneficiaries who will treasure them as much as you have. However, many people neglect to think about what happens with their digital assets and online presence when they pass. Even if you’re someone who doesn’t consider themselves especially tech-savvy, there are simple things you can do today to make sure that managing your digital assets isn’t a huge burden to your loved ones when you pass.
What is Digital Estate Planning?
When you hear “digital assets,” your mind might immediately jump to cryptocurrency. And if you don’t own any crypto, you may think you’ve dodged a bullet and don’t need to worry about digital estate planning. But if you’re reading this article on a phone, tablet, or computer, chances are you have digital assets that should be part of the conversation.
Your digital assets include everything from photos and videos to credit card points. Even the devices themselves need to be disposed of securely when you’ve passed. Passwords, data encryption, laws, and biometric logins are all designed to keep your information secure while you’re alive, but become barriers for your loved ones to access things that might have sentimental or financial value.
What Can You Do Today?
1. Create an Inventory of Devices & Online Accounts
Create an organized list of all these items, either digitally or on paper with clear instructions on how to access them. This can become essential for the executors of your estate plan to be able to protect your assets and identity, as well as preserving your memory with access to more sentimental items.
- Cell Phones, Tablets, Laptops, PC’s etc.
- Photos & Videos
- Credit Card, Airline, & Hotel Points
- Social Media Accounts
- Payment services like Venmo, Cash App or PayPal
- Email Accounts
- Digital Wallets/Cryptocurrency
- Subscriptions to Cancel
2. Designate a Plan Within Your Online Accounts, Wherever Possible
- Grant Access to your Email at Your Passing: Many email platforms will now allow you to designate a person who can gain access to your account at your passing. This can be helpful for things like taking care of bills and canceling subscriptions.
- Designate a plan for your social media accounts: Think about what you want to happen with your accounts and communicate it clearly with loved ones. Most social media accounts have options to memorialize or delete your accounts at your passing. Some let you designate a legacy contact who can continue managing your account.
- Back Up Your Photos: Your loved ones want your photos and videos to remember you by. Use a photo backup service and designate a contact to access them after your death, or regularly back up your photos to a computer or external device.
3. Store Passwords Securely
Utilize a password storage program or app to securely store login credentials for accounts your executor may need access to. Many of these programs allow you to designate an emergency contact who will gain access to the passwords in the event of your death. If you’re more old-fashioned, write down your login information and keep it in a secure location like a safe deposit box (not on a post-it next to your computer!) and make sure the people you want in charge of your digital assets know where to find it.
There are a lot of small actions you can get a jump-start on putting together a DIY solution for making sure your digital assets and accounts are easily managed at your passing. However, because digital estate planning is a relatively new concept and laws are just catching up, it can be a good idea to consult with your attorney and regularly review your estate plan to make sure it still reflects your wishes.
