Although the digital life is a fairly recent phenomenon, it’s become an essential part of our daily routine. As a result, digital inheritance, which concerns what happens to your digital assets once you die, is also becoming increasingly important. Digital assets include email accounts, social media profiles, online storage, websites and blogs, digital currencies such as bitcoin, and even accounts on online gaming websites. To ensure that these assets are transferred to rightful beneficiaries, there are multiple aspects to cover and considerations to bear in mind to ensure compliance.
Firstly, establish an inventory of digital assets. This involves compiling a detailed list of all digital assets, including their plugins and components such as online banking accounts, superannuations, PayPal accounts, Bitcoin, social networking sites, email accounts, blogs, websites, domains you own, etc. For each, provide details such as account numbers, usernames, passwords, security questions and answers, the purpose of the account, and any other relevant information. Updating this inventory should ideally be a routine task. For better management, you could categorize these assets into financial, social and personal, and business.
Do bear in mind the privacy regulations. When handling digital inheritance, remember that privacy laws make it illegal for anyone to access an account that is not theirs, even if it is to serve the deceased wishes. Companies like Google, Facebook, and Apple have policies in place concerning what happens to accounts when their users pass away, so you must read and understand these to ensure compliance.
Next, make use of tools to manage digital assets. Many online services provide tools or procedures to address what happens to your account after death. For example, Google’s Inactive Account Manager lets you assign an individual who can access and manage your account should it remain inactive for a certain period. Facebook lets you appoint a Legacy Contact who can manage your account or have it memorialized. These tools should be utilized to ensure that your digital legacy is properly managed following your death.
A crucial step is to prepare a legally compliant Will. Ensure that you have a legally binding will that covers your digital assets. This should name a ‘digital executor’, assign digital beneficiaries, and provide clear instructions on how to administer your digital inheritance. It’s best to seek legal advice to guarantee that your digital will is legally compliant. Note: Providing your passwords and usernames in a Will is not recommended as Wills can become public documents, hence possibly causing an unwarranted breach of privacy.
Another step is to create an End-Of-Life (EOL) Plan. Your EOL plan should cover your digital footprint, defining precisely what happens to each item in your digital inventory when you pass away. This should address whether information should be stored, removed or passed on and who should handle these tasks. Remember that each digital platform has different policies on how they handle accounts when the user is deceased. Assess how each platform handles digital inheritance and align this information with your EOL wishes.
Additionally, familiarize yourself with the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), applicable in many US jurisdictions. The law maintains that a fiduciary can access digital assets if the original user gave express consent, provided in their will, trust, power of attorney, or other record. Understanding these legislative requirements helps compliance.
Moreover, it’s important to assign power of attorney. This person will be legally able to handle your affairs when you can no longer do so. They will also be responsible for handling your digital accounts and ensuring your wishes concerning your digital afterlife are duly executed, so it should be a person you trust deeply.
Lastly, arrange access codes. Ideally, these sensitive pieces of information such as passwords shouldn’t be detailed in your will for security issues; instead, it’s recommended to use a secure password manager, which requires just one master password to access. This way, your executor or attorney only needs to know a single password.
Digital inheritance is a complex process, with both technological and legal aspects to consider. By paying attention to privacy laws, understanding company policies, appointing trusted individuals, and making full use of available tools, you can ensure that your digital assets are correctly handled after your death. Complying with these tips helps safeguard your digital legacy.
