Estate planning has expanded beyond tangible assets to include our digital life. These digital assets, which include everything from our social media accounts to our online banking information, play a significant role in our daily lives. Yet, their fate after our demise remains a largely unexplored territory. Brad Dozier discusses the importance of including your digital life in your estate plan and provides valuable insights into how you can protect your online legacy for yourself and your loved ones in the ever-evolving world of technology.
Understanding Digital Assets
Digital assets are defined as any online property or account that has value. They can be divided into two categories: sentimental and monetary. Sentimental digital assets include photos, videos, emails, and social media posts that hold emotional value to us and our loved ones. On the other hand, monetary digital assets consist of online accounts with monetary value, such as bank accounts, investments, and cryptocurrency. Identifying and listing your digital assets is essential to ensure they are properly accounted for in your estate plan.
Including Digital Assets In Your Estate Plan
One of the main reasons why including digital assets in your estate plan is crucial is to avoid potential legal issues and conflicts for your loved ones. Without proper planning, your digital assets could be lost, inaccessible, or fall into the wrong hands after you pass away. This can cause significant distress for your loved ones, who may want to access or manage these assets. Moreover, without clear instructions, they may struggle with making decisions regarding your online presence and accounts.
Legal Complications Surrounding Digital Assets
The lack of clear laws and regulations surrounding digital assets adds to the complexity of estate planning in the digital age. Different states have varying laws on how these assets are handled after death, making it necessary to consult with an experienced attorney who can guide you through the process.
Additionally, many online service providers have their own terms of service agreements that users must agree to when creating an account. These agreements may restrict access to the account or data after death, further complicating matters. Because of this, it is important to review and understand these agreements and make arrangements for your digital assets accordingly.
Protecting Your Digital Assets
To ensure your digital assets’ safety and proper management, it’s critical to take proactive measures. One way to do so is by creating a comprehensive list of your digital assets and the necessary login information. This should be kept securely and shared with a trusted person, such as your estate planning attorney or executor. Additionally, you can specify in your will how you want your digital assets to be handled after your death. Another option is to use an online service specializing in digital estate planning, which can help you securely store and manage your digital assets.
Continuing To Review And Update
As technology evolves rapidly, reviewing and updating your digital estate plan regularly is important. This includes keeping track of any new accounts or changes in login information. It’s also crucial to discuss your digital assets with your loved ones and make sure they are aware of your wishes. By actively managing and updating your digital estate plan, you can ensure that your online legacy remains intact for future generations.
Final Thoughts
As technology continues to advance, so does the importance of including your digital assets in your estate plan. By taking the necessary steps to protect these assets, you can ensure that your online legacy is preserved and managed according to your wishes. Consult with a skilled attorney who can help guide you through the process and provide personalized advice for your specific situation.