Great article from FindLaw: https://www.findlaw.com/forms/resources/estate-planning/what-is-digital-estate-planning.html
Their outstanding article emphasizes these key ideas:
The digital age has brought a wealth of convenience to our lives, but it has also introduced new complexities when it comes to managing our affairs. Our online presence, from social media accounts to email addresses and digital assets, all need to be considered in estate planning. This is where virtual or digital estate planning comes in.
In its essence, digital estate planning is the process of creating a plan for what happens to your online accounts and digital assets after you pass away. It's about ensuring your loved ones have access to your digital information and can manage it according to your wishes.
Why is Digital Estate Planning Important?
Just like your physical assets, your digital assets have value. This can include:
Online accounts (social media, email, banking)
Digital documents (photos, videos, financial records)
Cryptocurrency
Domain names
Without a plan in place, your loved ones may face difficulty accessing these important accounts and assets. They may also be unsure about how to handle your online presence.
What Does a Digital Estate Plan Typically Include?
A digital estate plan should address several key areas:
Inventory of digital assets: Create a list of all your online accounts, digital documents, and other digital assets. Include usernames, passwords, and any other relevant information needed to access them.
Digital executor: Appoint a trusted person to manage your digital assets after you pass away. This person should be someone who is comfortable with technology and understands your wishes.
Instructions for access: Provide clear instructions on how your digital executor can access your online accounts and digital assets. This may include sharing passwords securely or providing access codes.
Data deletion wishes: Specify whether you want any of your online accounts or data to be deleted after your death.
How to Get Started with Digital Estate Planning
Getting started with digital estate planning is relatively simple. Here are some steps you can take:
Gather information: Make a list of all your online accounts and digital assets.
Choose a digital executor: Select a trusted person to manage your digital affairs.
Store your plan securely: Keep your digital estate plan documents in a safe place where your executor can easily find them. You can also consider using a password management tool to store your login information securely.
Communicate your plan: Discuss your digital estate plan with your executor and loved ones. Let them know where your plan is located and what your wishes are.
Conclusion
Digital estate planning is an essential step in ensuring your online legacy is handled according to your wishes. By taking the time to create a plan now, you can save your loved ones time, trouble, and potential conflict in the future.
Key takeaways from FindLaw
It is important to name a digital executor in your plan.
Keep your plan documents in a safe place.
Remember, this is not a substitute for professional legal advice. If you have any complex digital assets or concerns, consulting with an estate planning attorney is recommended.
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