When planning your estate, you want to have your assets taken care of and managed properly and by the people you choose. In the digital age, this includes not only tangible property but also your digital assets.
With digital assets increasingly taking center stage in our lives, properly accounting for them in your estate planning process not only helps ensure that they are handled according to your wishes but also helps prevent potential conflicts and complications for your heirs. This comprehensive approach safeguards your digital legacy and provides clear instructions on how to access and manage your online accounts and digital properties.
How to prepare a digital estate plan
To effectively integrate your digital assets into your estate plan, you may consider the following steps:
- Organizing all your assets into a comprehensive inventory, which includes listing your social media accounts, email accounts, online services, cryptocurrencies and NFTs. This helps to account for every asset and provides clarity on how each should be managed.
- Establishing clear instructions for the management of your assets, thus detailing how each account should be handled, whether it should remain active, be closed or have its content managed in a specific way. This better ensures your wishes are followed and simplifies the process for your heirs.
- Getting a person (or persons you trust to manage your digital assets, such as a digital executor, thus helping ensure that your accounts and online properties are handled according to your wishes. They should have clear instructions on how to access and manage your digital accounts and be prepared to address any issues that may come up in accordance with your plan.
- Having the plan documents kept in a safe place where they are accessible to the chosen executor. This helps ensure that your digital estate plan can be easily accessed when needed, allowing your executor to carry out your wishes without delays or complications.
Legal guidance can come in handy when preparing your digital estate plan, helping structure your plan effectively and making sure that all legal requirements are met.
