Estate planning helps ensure that you bequeath the financial and tangible assets you’ve accumulated throughout your life to your chosen beneficiaries. In the digital age, the estate planning process may not be complete without addressing your digital assets and online presence.
A digital estate plan serves as your roadmap for managing and distributing these digital assets when you’re no longer around. As such, it becomes important for the following reasons.
It helps preserve your digital legacy
Life in the digital age is closely linked to our online presence, where we document memories, achievements and connections. Your digital legacy, including social media profiles, personal blogs and digital art, holds immense sentimental value. A digital estate plan helps ensure that these digital artifacts are preserved and passed on to your loved ones, allowing them to cherish and remember your online contributions long after you’re gone.
It helps protect your digital assets
Unlike a traditional estate plan that primarily focuses on physical and financial assets, a digital estate plan acknowledges the existence and value of your digital assets. These can range from cryptocurrencies and online financial accounts to valuable intellectual property stored in digital formats. Without clear instructions in place, your digital assets may be at risk of being lost, mismanaged or even subject to unauthorized access or theft. A digital estate plan provides safeguards and guidelines for the management and distribution of these assets.
It facilitates account management
In the event of your passing or incapacitation, your loved ones may face challenges in accessing and managing your online accounts. A digital estate plan provides crucial information and instructions on how to access these accounts, including passwords and necessary documentation. This simplifies the process for your heirs, allowing them to efficiently close or manage your accounts according to your wishes.
If you are considering a digital estate plan, it would be wise to get legal guidance to help ensure that your plan complies with relevant laws and addresses all necessary aspects of your digital assets and online presence.