Don't Overlook Your Digital Estate Assets
A digital or online presence has become a part of daily life for most people. That digital presence also should be a part of your estate plan. If it isn’t, here’s how to get things together to include those assets in your planning.
First, list your electronic and virtual accounts and assets, including account names, usernames and passwords. Review and update periodically. Things to include:
- Email accounts (personal and business)
- Online banking accounts
- Social media accounts
- Photos and text, graphic, and audio files stored on your computer or in the cloud
- Cellphone apps
- Utility accounts
- Loyalty program benefits such as credit card rewards
- Online store accounts
- Gaming accounts
- Cryptocurrency keys
- E-commerce accounts
- Domain names, including blogs
Your professional advisor can help ensure you’ve listed all your digital assets and advise you on the next step, which is to decide how you want your digital assets handled. Most social media companies have specific policies for accessing and dealing with deceased members’ accounts. Other companies may as well, with some allowing you to authorize a person to access your digital account and some prohibiting the transfer of digital assets to another person or account. Knowing the policies for all of your accounts is imperative to direct how you want them handled.
Next, pick a digital executor. Weigh whether your named estate executor is the logical choice or if someone else—a family member or close friend—would be a better choice for your digital assets. Make sure your choice (or choices) understand their tasks and responsibilities before they accept the designation. You can refer to your digital assets document and name a digital executor in your traditional will.
Finally, keep your digital estate assets information in a safe place where your digital executor can access it easily. You may want to store all of your estate documents with your legal advisor.
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