Digital Estate Planning: What Happens to Your Online Assets After You’re Gone?
In this digital age, it is crucial to consider not only the management of physical assets but also the disposition of your online assets. With the rise of social media, e-commerce, and cloud storage, people are building extensive digital footprints that need to be addressed in estate planning. This emerging field, known as digital estate planning, deals with safeguarding and transferring your online assets after you pass away.
Estate planning is the process of arranging for the management and disposal of a person’s estate during their lifetime and after their death. It involves creating important legal documents, such as wills and trusts, which inform family members and loved ones about how to handle the deceased’s assets. Traditionally, estate planning has focused on physical assets like property, bank accounts, and personal belongings. However, the advent of the digital age has introduced a whole new realm of assets that need to be considered in the estate planning process.
Online assets can include various items like social media accounts, digital photos and videos, email accounts, cryptocurrency wallets, websites, subscriptions, and other forms of virtual property. Without proper planning, these assets may be inaccessible or even erased, leading to complications and difficulties for family members trying to navigate the digital legacy.
To ensure a smooth transition of your online assets, it is crucial to include them in your estate planning. Start by compiling a comprehensive list of your digital assets and the corresponding account information, including usernames, passwords, and recovery codes. This information should be stored in a secure location, like a password manager or a safe deposit box, and shared only with trusted individuals mentioned in your estate planning documents.
Consider designating a digital executor or trustee who will be responsible for managing and distributing your online assets according to your wishes. This individual should be familiar with technology and have a clear understanding of your intentions regarding the digital legacy. Including specific instructions in your will or trust can be helpful in guiding the digital executor through the process.
Certain online platforms have implemented features allowing users to designate what happens to their accounts upon death. For example, Facebook offers a “legacy contact” option, where you can choose someone to manage your account or have it memorialized. Google also provides an “Inactive Account Manager” tool that allows you to decide what happens to your data after a period of inactivity.
In conclusion, estate planning is no longer limited to physical possessions. As we increasingly live our lives online, considering what will happen to our digital assets upon our passing is of great importance. By including digital estate planning in your overall estate plan, you ensure that your online presence is properly managed and passed on, providing peace of mind to both you and your loved ones.
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Article posted by:
Estate Planning & Business Lawyers | Arroyo Mcardle
https://www.fladvisor.com/
