In today’s digital age, our lives are increasingly lived online—from social media accounts and email to cryptocurrency wallets and cloud storage. But have you ever thought about what happens to your digital life when you’re no longer around? Digital assets are now an essential part of your estate plan, and failing to account for them can leave your loved ones with legal and emotional headaches.
At LumsdenLaw, we believe that comprehensive estate planning should reflect all aspects of your life—digital included.
What Are Digital Assets?
Digital assets refer to any electronic records or content you own or control. These can include:
- Email accounts (Gmail, Yahoo, etc.)
- Social media profiles (Facebook, Instagram, LinkedIn)
- Online banking and PayPal accounts
- Digital photos and videos stored in the cloud
- Domain names and websites
- Cryptocurrency and NFTs
- Online subscriptions and reward programs
These assets often hold sentimental or financial value, yet many people forget to include them in their estate plan.
Why Include Digital Assets in Your Estate Plan?
Failing to plan for digital assets can lead to a variety of complications:
- Access Issues: Without proper authorization, loved ones may struggle to access your accounts.
- Data Loss: Important documents, memories, or assets may be lost forever.
- Identity Theft: Inactive accounts can become targets for hackers and fraudsters.
- Legal Complications: Online platforms have different policies for handling deceased users’ accounts, often requiring court orders or specific documentation.
Including digital assets in your estate planning process helps avoid these pitfalls and ensures your online presence is handled according to your wishes.
How to Protect Your Digital Legacy
- Inventory Your Digital Assets
Start by making a comprehensive list of all your online accounts and assets, along with usernames and any associated digital wallets. - Secure Your Login Information
Use a password manager or secure document to store credentials. Make sure your estate executor or attorney knows how to access it. - Designate a Digital Executor
Some states allow you to appoint a digital executor—someone who will manage your digital assets after your death. - Include Instructions in Your Estate Plan
Specify how you want each digital asset handled. Should your Facebook account be memorialized or deleted? What happens to your crypto holdings? - Review and Update Regularly
Technology changes rapidly, and so do your digital footprints. Make updating your digital assets part of your regular estate plan review.
Work With Professionals Who Understand
Digital assets are a growing concern in the legal world, and not every law firm is equipped to handle them. At LumsdenLaw, we stay ahead of legal trends and technology to provide modern, comprehensive estate planning solutions.
Whether you’re starting from scratch or updating an existing estate plan, we’re here to guide you every step of the way.
Protect your online legacy as carefully as you do your physical one. Contact LumsdenLaw today to start planning for your digital future.
