In today’s digital age, many people overlook digital assets when planning their estates. Digital assets include everything from social media accounts to cryptocurrencies.
This oversight can cause significant issues if not responsibly managed in your estate plan. Without clear instructions, your loved ones might struggle to access important emails or social media profiles.
Including digital assets in your estate plan ensures your online presence and valuable digital properties are protected and transferred smoothly to your heirs.
Which digital assets should I include?
When planning your estate, listing all your digital assets is crucial. Start with your devices, like smartphones and computers. Then, consider your online accounts, including:
- Email accounts
- Social media profiles
- Online banking and financial accounts
- Digital currencies (cryptocurrencies)
- Subscriptions to streaming services
- Domain names and websites
- Encrypted files and cloud storage
- Digital media purchases (e.g., books, music)
Creating this comprehensive list helps your executor manage and distribute these assets according to your wishes. While some assets have monetary value, others may hold significant emotional attachments.
Transferring digital assets to designated beneficiaries
Deciding how to transfer digital assets is an essential part of estate planning. You must specify who will access and manage each asset. Clearly state these directions in your will, trust or power of attorney. These instructions can include:
- Steps to access and manage online accounts
- Choices regarding keeping or deleting social media profiles
- Advice on transferring or handling valuable digital items
- Measures to safeguard sensitive data and ensure privacy
- Instructions for creating digital memorials or tributes
Without explicit instructions, your loved ones might face difficulties accessing important information or stopping automatic payments. The Uniform Fiduciary Access to Digital Assets Act allows executors to manage certain digital assets, but clarifying your intentions is wise.
Experienced estate planning attorneys can help ensure that you include digital assets in your plan, avoiding unnecessary complications for your beneficiaries.