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Estate Planning In The Digital World

Posted on March 31, 2017

For decades now, we have simplified the process of what happens to your belonging after you die. But in the digital age, it seems we have more and more to worry about when we’re gone. For example, what happens to your Facebook account after you pass away? Or your iTunes library? And all of the things you have stored on your computer? Estate plans do a great job of managing physical belongings, but what about your digital assets? Today, these things should absolutely be added to your estate plan.

What is included in digital assets?

photo by RawPixel

Your digital assets are important parts of your estate and after you pass, they need to be managed, archived, transferred or deleted. Online subscriptions need to be canceled, digital photos should be transferred to loved ones and any secure information like passwords and log-ins should be deleted.

A digital asset is technically any electronic record in which an individual has a right or interest. This can include all of your online accounts, all of your information stored online and any of your electronic devices. Most people have several different log-ins, and it is important to leave that information in your estate so your executor can handle the information appropriately. You wouldn’t want anyone hacking into your banking information and spending your beneficiaries money.

How to add your digital assets to your estate plan

You will need to name a digital executor that you can trust. Give them a list of all of your digital accounts and how you want them to be handled when you’re gone. This process may seem overwhelming if you have a lot of digital assets. Take your time and make sure you’ve listed all of them. Keep in mind that things like your iTunes library could be worth a lot of money, and you can transfer all of your music, movies, tv shows, etc. to someone else.