In today’s digital age, our online presence and digital assets often hold significant personal and financial value. From social media accounts to cryptocurrency wallets, it’s important to consider what happens to these assets after you pass away. Including digital assets in your estate plan ensures your loved ones can access or manage them according to your wishes.
What Are Digital Assets?
Digital assets generally include any online or electronic resources you own. These might include:
- Personal accounts: Social media, email, photo storage, and streaming services.
- Financial accounts: Online banking, investment platforms, and cryptocurrency wallets.
- Business accounts: Websites, domain names, and e-commerce platforms.
Without proper planning, accessing these assets can be a nightmare for your loved ones. Most digital platforms have strict privacy policies, making it difficult for anyone to gain access without specific authorization. Apple, for example, has strict privacy policies that can often require a court order to gain access to a loved one’s account. This policy impacts everyone who uses an Apple device with an Apple account ID.
How Can You Plan for Digital Assets?
Here are a few steps to ensure your digital assets are managed effectively after your death:
- Take Inventory: Create a list of your digital assets and how to access them, including usernames, passwords, and security questions. Consider using a secure password manager to store and share this information.
- Appoint a Digital Executor: Designate someone you trust to manage your digital assets. Arizona law allows you to appoint a digital executor through your will or trust to ensure your wishes are carried out.
- Include Specific Instructions in Your Estate Plan: Your estate plan should outline what should happen to each digital asset. For instance, you might want certain social media accounts memorialized, others deleted, or cryptocurrency distributed among beneficiaries.
- Review Service Provider Policies: Many online platforms have policies for handling accounts after death. Familiarize yourself with these policies and incorporate them into your plan where necessary.
Why Is This Important?
Without planning, your loved ones could face legal and logistical challenges, such as being locked out of valuable accounts or struggling to settle unresolved matters. Including digital assets in your estate plan not only protects their value but also ensures they are handled in line with your wishes.
At Windrose Law Center, we help our clients navigate every aspect of modern estate planning, including the often-overlooked realm of digital assets. Contact us today to learn how we can safeguard your digital legacy.