Managing your digital footprint is an integral part of estate planning in the digital age. This process involves creating a structured plan to manage your online accounts, digital property and virtual presence after your demise. It’s a crucial part of modern estate planning, one that is often overlooked. In this article, we shall explore key steps involved in managing and planning your digital footprint as part of estate planning.
Understanding Digital Estate
Digital estate encompasses all digital assets and virtual property an individual owns. This includes your social media profiles, emails, online bank accounts, digital portfolios, blogs, e-commerce accounts, cryptocurrency wallets, cloud storage and any other online assets that you may own or control.
Organizing your digital assets offers numerous benefits. For one, it facilitates easy transition of assets and multimedia files to your loved ones. It also ensures your digital life continues or ends as you prefer after your death.
Assessing Your Digital Assets
The process of managing your digital footprint in your estate plans begins with identifying your digital assets. It requires an in-depth assessment and listing of all your digital assets such as email accounts, social media accounts, photos and video sharing platforms, blogs, online banking accounts, and more. It is also important to include digital liabilities – ongoing subscriptions, renewals or debts that are managed online.
Securely Document Your Digital Assets
After the identification process, documenting the details of all these assets accordingly is the next step. Information documented should include the type of asset, username, password, and any other information necessary for accessing the account. It may not be secure to put passwords in your will as it becomes a public document once filed in probate court after death. An alternative is writing down the information and storing it securely.
Appoint a Digital Executor
A digital executor is a person responsible for managing your online assets after you pass away. This person should be someone you trust, who is digitally savvy, and can understand and execute your instructions accurately. This individual will ensure your instructions for each digital asset are carried out.
Outline Your Wishes
Next, specify how you want each of your digital assets handled. You may want some accounts deleted, others memorialized, or even some credentials shared with loved ones. Options available to you depend on the policies of the online service providers. For instance, Facebook allows for your account to be memorialized or permanently deleted, while Google allows you to choose up to 10 trusted contacts to download data from your Google services.
Legalize Your Wishes
Once you have collected all information, appointed a digital executor, and outlined your wishes, it’s time to legalize everything. Consult with a qualified estate planning attorney to ensure your plans are legally robust. Some states have digital asset laws in place, so be sure to understand the legal landscape in your area.
Consider Digital Estate Planning Services
There are digital estate planning tools and services that help streamline the process. These services securely store your passwords and digital asset details, ensuring they’re passed onto your designated executor when you die. Be sure to research and select a reputable and secure service if you wish to use one.
Ensure Regular Updates
Digital footprints continually evolve due to regular online activities. You must regularly update your digital estate plan to reflect any changes such as new assets, account deletions, password changes, or new laws.
Educate Your Loved Ones
Finally, educate your loved ones about digital estate planning. Inform them that you have a plan in place and guide them on the steps they should take when you’re no longer around. Make sure they know who your digital executor is for smooth transition of your assets.
Conclusion
Digital estate planning may seem complex and cumbersome. However, it is crucial in an increasingly digital world. By following these steps, you can devise an extensive, secure digital estate plan that ensures your digital footprint is managed as per your wishes after your death.
Remember, the ultimate goal of managing your digital footprint for estate planning is to make things easier for your loved ones and to ensure that your wishes are honored even in your online life. It can be a lasting legacy, make professional services more manageable, and minimize potential distress for your family and friends in an already difficult time.
Remember, leaving your digital existence floating unattended in cyberspace is not an option nowadays. The management of your digital assets should form an integral part of your comprehensive estate plan.
