What is Digital Estate Planning?
Most people don't think about their digital assets when they are creating their estate plan. But, just like your physical belongings, your digital assets are a part of your estate and should be included in your will. Find out how you can reduce stress for your loved ones by including your digital estate when estate planning.
What is a digital estate?
Your digital estate is everything that you own and use online, including but not limited to your social media accounts, online banking and investment accounts, rewards points, frequent flyer miles, memberships and subscriptions, email accounts, and digital files (photos, music, videos, etc.). If you die or become incapacitated without having a plan in place for your digital estate, your loved ones may not be able to access these important accounts and files.
Digital estate planning is a way to ensure that your loved ones will be able to easily and efficiently manage your digital assets in the event of your death or incapacity.
What is a digital executor?
A digital executor is someone who you appoint to manage your digital estate in the event of your death or incapacity. This person will be responsible for closing and/or transferring your online accounts, as well as accessing and distributing your digital files according to your wishes. Identifying the digital executor is an important part of digital assets estate planning.
You can name a digital executor in your will, or you can create a separate document called a digital estate plan.
Appointing someone to be your digital executor is an important part of estate planning, as it ensures that your digital assets will be properly managed in the event of your death or incapacity.
What are digital assets in a will?
Digital assets are anything that you own and use online, including but not limited to your social media accounts, online banking and investment accounts, rewards points, frequent flyer miles, memberships and subscriptions, email accounts, and digital files (photos, music, videos, etc.). It is important to include these assets in your estate plan so that your loved ones will be able to easily and efficiently manage them in the event of your death or incapacity.
Digital assets can be divided into four categories:
- Accounts: These are online accounts that you own and use, such as social media accounts, and email accounts.
- Files: These are digital files that you own, such as photos, music, videos, and documents.
- Financial: These include banking accounts, investment accounts, and payment accounts.
- Other assets: These are assets that you own and use online, but don’t necessarily fall into the categories of accounts or files. Examples include rewards points, frequent flyer miles, memberships and subscriptions, and digital currency.
It’s important to note that some digital assets may have sentimental value, while others may have financial value. For example, your social media accounts may contain photos and videos that are sentimental to you and your loved ones, but they may also have financial value if you use them for business purposes.
It’s important to include all of your digital assets in your estate plan so that your loved ones will be able to properly manage them in the event of your death or incapacity.
What is a digital vault?
A digital vault is a secure online storage space where you can keep your digital assets safe and organized. This can be helpful in estate planning, as it ensures that your loved ones will be able to easily access your digital assets in the event of your death or incapacity. They can also be used to securely store passwords to grant access to others after a death.
A digital vault can be used to store a variety of assets, including but not limited to:
- Social media accounts
- Email accounts
- Online banking and investment accounts
- Rewards points
- Frequent flyer miles
- Memberships and subscriptions
- Digital files (photos, music, videos, etc.)
Creating a digital vault is a good way to ensure that your loved ones will be able to easily access and manage your digital assets should they need to.
What services can I use to help me with digital estate planning?
There are a number of services that can help you with digital estate planning, including:
- Ever Loved: By filling out Ever Loved's free-to-use checklist, you can list all of the important account information your loved ones will need after you pass away.
- LastPass: This is a password manager that can help you keep track of your online accounts and passwords.
- Everplans: This is a service that helps you create and manage your digital estate plan.
- GoodTrust: This is a service that helps you protect your digital assets and legacy.
These services can be helpful in estate planning, as they can help you keep track of your online accounts and passwords, store and manage your digital assets, and create and manage your will.
Ready to get started? Check out Ever Loved's Key Information Checklist to start keeping track of all the important information your loved ones will need when the time comes.
