In today’s digital age, our online presence and digital assets are as tangible and valuable as our physical assets. From photos stored in the cloud to cryptocurrency wallets and even social media accounts, digital assets are a real part of our legacy. Incorporating them into your estate plan is not only prudent but crucial. Here’s a guide on how to manage and protect these assets.
What are Digital Assets?
Digital assets encompass a broad range of online properties, including:
- Digital photos and videos
- Email accounts
- Social media profiles (Facebook, Twitter, LinkedIn, etc.)
- Blogs or personal websites
- Digital music, e-books, and other media
- Online storage accounts (Dropbox, iCloud, Google Drive)
- Shopping accounts (Amazon, eBay)
- Cryptocurrency (Bitcoin, Ethereum, etc.)
- Online gaming and virtual goods
Safeguarding Your Digital Legacy: Where to Keep Your Log-ins
One of the most significant challenges with digital assets is ensuring your heirs can access them. Remembering and safeguarding multiple log-ins can be a daunting task.
- Physical Storage: Write down usernames, passwords, and security questions/answers, and store them in a fireproof safe. Remember to update this list regularly.
- Digital Password Managers: Use secure online password managers like LastPass or 1Password. These tools encrypt your password database with a master password. The master password is the only one you have to remember.
- Legal Document Storage: Some people opt to include access information in their will, but this can be risky since wills become public record upon death. A better option may be to create a separate, private document or to use a digital estate planning service.
The Risks of Neglecting Digital Assets: A Cautionary Tale
To underscore the importance of safeguarding digital assets, consider Jane’s story. Jane was an avid photographer who stored all her work in a cloud storage account. Upon her untimely death, her family wanted to access these photos to celebrate her life. However, Jane hadn’t shared her login details with anyone. After several failed attempts to retrieve the password, the account remained locked. Those precious memories were lost, inaccessible to her grieving family.
This story emphasizes the importance of not just ensuring your digital assets are part of your estate plan but making sure they’re accessible. Unprotected digital assets can be lost forever, leading to immeasurable emotional and financial distress.
The Digital Realm has Added a New Layer to Estate Planning.
Protecting your digital assets in your Estate Plan is not just about safeguarding financial interests but also preserving personal memories, relationships, and even online legacies. Speak with an experienced estate planning attorney to ensure your digital assets are appropriately protected and passed on according to your wishes.
Heidi S. Webb, Attorney at Law, serves clients in Daytona Beach, Ormond Beach, Port Orange, and beyond with matters of Estate Planning and Probate. Contact her today to schedule a free consultation. Visit her page on Facebook or see what her clients are saying to learn more about Heidi.
