Did You Include Digital Assets in Your Estate Plan?

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These days more consumers are operating online rather than in-person. From online bank accounts to shopping to social media; there is a lot of you on the internet. Unfortunately, estate planning laws are behind the times and unskilled attorneys may forget about your digital assets – which include online banking, investments, bill pay accounts, social networking sites and even your online passwords. If you were to pass away without including these digital assets in your estate plan, it may be difficult for your beneficiaries to fully manage your estate.

How to Protect Your Digital Assets

• Create an Inventory – First, gather as much information regarding your digital assets as you can. That includes listing all usernames and passwords, creating a list of what you have stored on your computers, software you use, online accounts, social media accounts, etc.
• Decide Who Handles Your Digital Assets – Digital assets do not have to be handled by your executor, especially if your executor is not tech-savvy. You can list someone separate to manage all online accounts, social media profiles and sites. The individual you select not only needs to be tech-savvy, but someone you trust to handle your family’s private information.
• Give Access – The person who represents your digital assets must be given access to them. You will need to provide them with passwords, pin numbers and usernames, but do so with caution. Remember you are giving this person full access to your accounts; therefore, you must trust them. Also, protect the information by putting it with your estate plan in a fire-safe security box.
• Give Instructions on How Digital Assets Will be Handled – Your estate planning lawyer needs to know how you want your assets handled. Do you want all social media accounts closed down upon your death? Or, do you want them to remain active as a living obituary? Give clear instructions on how you want each digital asset handled, and specify what you want deleted, saved, etc.

Discuss your digital assets with your estate planning lawyer. Make sure these assets and the individual responsible for them are included in your estate plan. If you have not created a will or trust, have your estate planning attorney do so. By protecting your digital assets, you can protect your family’s well-being and image both in-person and online.