Future.

Gone are the days when estate planning solely involved tangible assets like properties, investments, and heirlooms. Nowadays, it’s equally important to consider your digital assets, which can range from social media accounts, email accounts, digital photos, videos, cryptocurrencies, and even online businesses.

One of the key challenges in estate planning for digital assets is ensuring accessibility. Unlike physical assets that are typically documented and easily identified, digital assets might be scattered across various platforms and devices, often protected by passwords and encryption. Failing to provide access to these accounts can lead to valuable assets being lost forever or substantial difficulties for your heirs in locating and accessing them.

To address these challenges, estate planning law has introduced mechanisms to safeguard your digital legacy. Here are a few important considerations:

• Inventory of Digital Assets: Start by creating a comprehensive list of all your digital assets, including online accounts, subscriptions, and electronic devices. Include information about how to access these accounts, such as usernames, passwords, and any necessary two-factor authentication methods.
• Digital Estate Plan: Work with an estate planning attorney to incorporate your digital assets into your estate plan. This might involve designating a digital executor that can manage and distribute your digital assets according to your wishes.
• Terms of Service Agreements: Understand the terms of service agreements of different online platforms. Some platforms have specific guidelines for handling accounts after a user’s death, while others might require legal documentation.
• Online Will or Trust: Consider including provisions for your digital assets in your will or trust. Specify how you want these assets to be handled, whether they should be archived, deleted, or transferred to your heirs.
• Password Management Solutions: Use password management tools that allow you to securely store and share your account credentials with designated individuals.
• Privacy Concerns: Balance the desire to preserve your digital legacy with privacy concerns. Some accounts may contain sensitive information that you may not want to share with others.
• Regular Updates: Just like traditional estate planning, it’s important to review and update your digital estate plan periodically to reflect changes in your online presence and preferences.