Over the last several years, the Internet and many other digital products have gone from being something only a small number of people were even aware of to an essential part of everyday life for most people. Today, people keep photos, journals, financial documents, and just about everything else you can imagine online. Just like real physical items, digital assets can be extremely valuable both financially and emotionally. With this in mind, it is important to ensure your estate planning includes what you want to happen to all your digital assets.
Choosing Successors
Part of estate planning is choosing who you want to get what from your estate. Many people leave most of their assets to their children, but giving to charity and other things is also quite common. With digital assets, you may want to do the same thing. Social media accounts often contain a lot of pictures, videos, and special moments that people will want to cherish. Leaving the rights and responsibilities of these accounts to your loved ones may be a very touching decision. If you make money online through a blog or other asset, you may want to leave it to a partner or someone else who can benefit from it. Go through all your digital assets and choose who you want each of them to go to.
Providing Access
One of the most common rules of the digital world is that you shouldn’t write down your password or share it with others. When planning out what will happen with your digital assets, however, that is not really practical. Make a full list of all your accounts, usernames, and passwords so that they can be distributed according to your wishes. There are services online that can securely store this type of information, but that can come with certain risks. Many people will write or print the information and then keep it in a safety deposit box at their local bank.
Use the Tools Provided
Many sites and services online have tools and systems set up specifically to help address issues that can come up after you pass away. For example, Facebook can “memorialize” an account once they are given proof of the death of the individual. This will make it so friends can view posts and write remembrances on their wall. You can also set up email auto-responders to let people know what happened. Look into these types of tools for all digital assets and make sure to write out how you want them handled when you’re gone.
Let People Know
Planning for your digital assets won’t do any good if you don’t let your loved ones know that this has been done. Many people will include instructions on where you kept your digital asset information right in their Will or other estate planning vehicle. You can also tell loved ones what to do should you pass away. To make a legal plan for your digital assets, please contact ProActive Legal Care to go over all your options.
