Digital Afterlife: Securing Your Online Presence Through Estate Planning
Digital Estate Planning: Protecting Your Online Legacy After You’re Gone
In today’s connected world, our digital footprint extends far beyond our physical lives. From social media profiles to cryptocurrency wallets, we accumulate a significant digital presence. But what happens to these assets when we pass away? Digital estate planning is the solution to ensuring your online accounts, files, and other digital assets are properly managed according to your wishes. Here's how you can secure your online presence after death.
Creating an Inventory of Digital Assets
The first step in digital estate planning is organizing and cataloging all your digital assets. These may include:
Usernames and Passwords: For social media, email, banking, and other secure platforms.
Cryptocurrency Holdings: Wallets, private keys, and exchange accounts.
Online Subscriptions: Accounts for streaming services, cloud storage, or other memberships.
Digital Files: Photos, videos, and documents stored on hard drives or in the cloud.
Using a password manager can help store this sensitive information securely, and make it easier for your designated executor to access what’s needed.
Legal Challenges and Frameworks for Digital Assets
Digital estate planning faces some unique legal challenges. Many platforms have different policies about account access and closure after death. For example, platforms like Facebook and Google offer built-in tools to manage what happens to your accounts, such as memorialization or deletion after you pass away.
Without planning, your loved ones may encounter difficulty accessing or managing these accounts, so it's important to familiarize yourself with these policies and plan accordingly.
Tools for Managing Your Digital Estate
Several tools can help you manage your digital assets effectively:
Appoint a Digital Executor: Assign someone specifically to manage your digital estate, separate from your traditional estate executor. This individual will follow your instructions for handling social media accounts, online files, and digital investments.
Provide Access Instructions: Clearly outline how your digital assets should be managed or transferred. This includes directions for memorializing social media accounts, handling cryptocurrency, or closing down accounts altogether.
Wills and Trusts: Integrating your digital assets into your will or trust ensures they are handled according to your wishes. Make sure to specify how each asset should be managed, accessed, or distributed.
Ready to start your own Will or Trust?
We make the process simple and convenient! Start by booking a free 15-minute Estate Plan Chat. We’ll discuss your general goals, and see if we might be a good fit to work together.
Not ready for a chat but still want to learn more? Click here to download our free Estate Planning Checklist.