What to Consider When Planning for Your Digital Assets in Your Estate Plan

Digital assets are any type of online account or digital property that you own, such as email accounts, social media profiles, online banking accounts, cryptocurrency, and digital photo and video files.

It is important to include your digital assets in your estate plan to ensure that your loved ones have access to important information and assets after your passing. Without proper planning, your digital assets may be lost or inaccessible, causing unnecessary stress and confusion for your family.

You can include your digital assets in your estate plan by creating a digital inventory of your online accounts and assets, designating a digital executor in your will, and providing access information and instructions for your digital assets to your designated executor.

Your digital inventory should include a list of all your online accounts and passwords, as well as any digital assets that are stored on your devices or in the cloud. Make sure to update your inventory regularly and keep it in a secure location.

One of the main challenges involved in planning for your digital assets is keeping track of all your online accounts and passwords. Additionally, many online platforms have their own policies and procedures for handling digital assets after a user’s passing, which can make it difficult to ensure that your wishes are carried out.

If you have already created an estate plan but did not include your digital assets, you should update your plan as soon as possible. Contact your estate planning attorney to discuss how to incorporate your digital assets into your existing plan.

Some best practices for planning for your digital assets include regularly updating your digital inventory, keeping it in a secure location, designating a digital executor in your will, and providing detailed instructions for accessing and managing your digital assets.