Today, technology is an integral part of daily life. Almost everyone has intangible digital assets, from emails, websites and social media accounts to photos and content on a hard drive. However, who will access your digital assets if you become incapacitated or pass away?
With the dawn of social media and the enormous quantity of online content generated daily, your digital legacy could be an extensive combination of data and content. This is why you must consider accounting for your digital assets in estate planning.
What is digital estate planning?
Digital estate planning involves including all your digital assets in your estate. Digital assets can include:
- Social media accounts
- Digital investment accounts
- Online subscriptions services
- Cloud photo storage
- Accounts passwords
- Online utility accounts
- Intellectual property
Here is why you might need a digital estate plan.
Manage cloud backup accounts
Digital assets like videos and photos are sometimes backed up in the cloud. However, your loved ones will have difficulty accessing the stored items without proper authorization. Luckily, a digital estate plan will give your loved ones access to your digital assets.
Ensure your wishes are respected
A digital estate plan ensures your digital assets are well-handled and safeguarded. Also, it ensures that your wishes are respected when you’re incapacitated or pass away. For instance, you can indicate the family members or friends to whom you want to leave your digital assets.
Prevent identity theft
Cybercriminals are getting cleverer. They can steal your identity and use it to defraud your connections. That said, a digital estate plan can protect you from unauthorized access by cybercriminals.
Preserve your legacy
Family pictures and videos are among the most common and vital digital assets most people want to pass on to their loved ones. Unfortunately, these memories can be lost forever if not managed correctly. However, by putting them under your estate, you can ensure they are preserved.
A digital estate plan can help ensure all your digital assets are well-handled and protected. However, establishing one can be complicated without the appropriate legal guidance.