Best Practices: Digital Estate Tips
Our society is become increasingly digital with no end in sight. Yet many of us do not put in place the proper plans for what happens to our digital lives after we are gone. Traditional estate plans primarily focus on what we wish to happen with our real assets. Modern estate plans are placing more focus on our digital assets, but there are still a two major steps we can take now to easy the burden placed on our loved ones when we die.
The first major step is to make sure that you have an updated estate plan. We are big fans of Trust & Will as they make this step extremely quick and provide flexibility to make changes as needed going forward. The other step is to look for opportunities to tighten up your digital estate plan by reading and implementing the suggestions below.
➢ Digital Assets
Examples: Email accounts, social media accounts, cryptocurrency keys, online financial account access (not the assets/liabilities themselves), online subscriptions, ecommerce accounts (i.e. Amazon, eBay, etc.), photos and other cloud data, house utility accounts, loyalty program benefits (i.e. frequent flyer miles, credit card perks, etc.), business accounts, and many more.
➢ Potential Benefits
Expedited access to important accounts and documents.
Reduced chance of disputes between loved ones over these assets.
➢ Check Your Will
Confirm that your Will lists your Digital Executor and that this person has tools to locate and access your digital accounts. If possible, provide a list and instructions of what you would like to have happen with your various digital assets. This can be facilitated by having a password manager that your Digital Executor will be able to access and includes a note with your wishes as to what will happen to your accounts after you die. Include backup multi-factor codes.
If a Digital Executor is not named in your Will, consider updating or writing a codicil to Will (an amendment that updates your wishes). However, your actual digital estate plan (list of accounts, usernames, and passwords) must not be included in your Will because your Will becomes public information after you die.
➢ Utilize Digital Platform Estate Features
Google Inactive Account Manager - myaccount.google.com/inactive
Apple Legacy Contact - support.apple.com/en-us/102631
Lastpass Emergency Access - lastpass.com/features/emergency-access
Facebook Legacy Contact - accountscenter.facebook.com/personal_info/
These are just a few examples of the useful legacy tools on popular platforms that allow a designated person to easily gain access to these accounts after you die which could reduce the burden of your Digital Estate.
