DIGITAL ESTATE PLANNING: DIGITAL ASSETS

When it comes to digital assets, there is a wide range of items to consider. The following list provides an overview of common types of digital assets and relevant terms to consider in the event of death. Here is a list of common digital assets categorized into different types:

Online Accounts

• Email accounts (Gmail, Outlook, Yahoo, etc.)

• Social media accounts (Facebook, Instagram, Twitter, LinkedIn, etc.)

• Messaging apps (WhatsApp, Telegram, WeChat, etc.)

• Video streaming platforms (YouTube, Vimeo, Twitch, etc.)

• Music streaming services (Spotify, Apple Music, SoundCloud, etc.)

• Online shopping accounts (Amazon, eBay, Etsy, etc.)

• Gaming accounts (Steam, Xbox Live, PlayStation Network, etc.)

Digital Files and Media

• Photos and videos (stored on devices or cloud services)

• Documents (Word files, PDFs, spreadsheets, etc.)

• Digital art and designs

• Music files and playlists

• E-books and digital publications

• Personal blogs and websites

Online Subscriptions and Memberships

• Subscription services (Netflix, Hulu, Disney+, etc.)

• Online newspapers and magazines

• Membership websites and forums

• Online courses and educational platforms

• Software licenses and subscriptions

Financial and Cryptocurrency Assets

• Online banking and investment accounts

• Stocks and Forex Accounts

• Cryptocurrency wallets (Bitcoin, Ethereum, etc.)

• Digital payment accounts (PayPal, Venmo, etc.)

• Online financial management platforms

Intellectual Property

• Copyrighted works (books, articles, music, etc.)

• Trademarks and patents

• Digital creations (artwork, photography, writing, etc.)

• Domain names and websites

Cloud Storage and Backup

• Cloud storage services (Google Drive, Dropbox, iCloud, etc.)

• Online backup services

• File-sharing platforms

It's important to note that this list is not exhaustive, and digital assets can vary depending on individual preferences and online activities. It's crucial to identify and categorize your specific digital assets to effectively manage them in the event of your passing.

Terms to Consider in the Event of Death:

1.   Digital Executor: A designated person responsible for managing your digital assets after death.

2.   Digital Estate Plan: A documented plan outlining your wishes and instructions for the management and transfer of your digital assets.

3.   Inventory: A comprehensive list of your digital assets, including account information, login credentials, and access instructions.

4.   Account Closure: Instructions for closing or terminating specific online accounts.

5.   Account Memorialization: Guidelines for transforming social media accounts into memorial profiles or handling other memorialization options offered by platforms.

6.   Data Preservation: Preferences for preserving and protecting specific digital files or online content.

7.   Data Deletion: Instructions for deleting or permanently removing certain digital assets or online accounts.

8.   Beneficiary Designation: Designating specific individuals or organizations as beneficiaries of your digital assets.

9.   Legal Considerations: Consultation with an estate planning attorney specializing in digital assets to ensure compliance with relevant laws and regulations.

10.   Privacy and Security Measures: Instructions for protecting sensitive information and ensuring the security of your digital assets.

It is important to consult with legal and estate planning professionals to understand the specific laws and regulations in your jurisdiction and tailor your digital estate plan to meet your unique needs and circumstances.

Key Takeaways

• Digital assets include everything from email accounts and social media profiles to cryptocurrency, online banking, cloud storage, digital photos, websites, and online subscriptions.

• A comprehensive digital estate plan helps ensure your online accounts and digital property are managed according to your wishes if you become incapacitated or pass away.

• Creating an inventory of your digital assets makes it easier for your loved ones or authorized representatives to locate and manage important accounts.

• Your digital estate plan should include instructions for preserving, transferring, memorializing, or deleting digital assets where appropriate.

• Protect sensitive login credentials by using secure password management rather than storing passwords in your will.

• Digital estate planning should work alongside your overall estate plan, including your will, trust, powers of attorney, and beneficiary designations.

• Reviewing your digital estate plan regularly helps ensure it stays current as your online accounts and technology change.

Frequently Asked Questions (FAQs)

What are digital assets?

Digital assets are electronic accounts, files, and online property that you own or control. Examples include email accounts, social media profiles, online banking accounts, cryptocurrency, cloud storage, digital photos, websites, online businesses, digital documents, and subscription services.

What is digital estate planning?

Digital estate planning is the process of organizing your digital assets and creating legal instructions for how they should be managed if you become incapacitated or after your death. It helps protect valuable online accounts and ensures your wishes are carried out.

Why is digital estate planning important?

Without a digital estate plan, loved ones may have difficulty accessing important online accounts, preserving valuable digital files, or managing financial and business-related digital assets. Planning ahead can reduce confusion and simplify estate administration.

What is a digital executor?

A digital executor is a person you designate to help manage your digital assets according to your wishes and applicable law. Their responsibilities may include organizing digital accounts, preserving important files, coordinating account closures where appropriate, and working alongside the personal representative of your estate when authorized.

What should be included in a digital estate plan?

A digital estate plan may include an inventory of online accounts, instructions for managing social media profiles, email accounts, cloud storage, digital photographs, websites, cryptocurrency, online financial accounts, subscriptions, business assets, and guidance regarding preservation or deletion of digital content.

Should I include passwords in my will?

Generally, no. Because a will may become part of the public probate record, passwords are typically better stored in a secure password manager or another protected location. Your estate planning documents can identify where authorized individuals can find access information when appropriate.

Are cryptocurrency and online financial accounts digital assets?

Yes. Cryptocurrency wallets, digital payment accounts, online banking, investment accounts, and other financial platforms are valuable digital assets that should be considered as part of a comprehensive estate plan.

How often should I update my digital estate plan?

You should review your digital estate plan whenever you create new online accounts, acquire significant digital assets, change password management systems, or update your estate plan. An annual review is a good practice for keeping your information current.

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