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How your digital assets can be included in your estate plan

On Behalf of | Jun 22, 2024 | PROBATE & ESTATE ADMINISTRATION - Estate Planning

The world is steadily advancing in terms of digital technology, and almost every one of us has a digital footprint. When it is time to plan your estate, how you handle your digital presence determines the ease with which your heirs can access and manage your online accounts and digital assets. 

Having your digital assets in your estate plan helps your loved ones efficiently manage and transfer these assets, reducing potential legal complications and preserving your digital legacy.

Tips for adding digital assets to your estate plan

There are several ways you can incorporate your digital assets into an estate plan to make sure they are properly managed and transferred. These include:

  • Compiling all digital assets: This involves creating a comprehensive inventory of all digital assets such as cryptocurrencies, digital files and all online accounts. Having them all accounted for makes it easier for your heirs or designated digital executors to locate and manage these assets.
  • Appointing an executor: You should also have a digital executor whose role is to manage the digital assets according to your wishes. This individual should be someone you trust and who is tech-savvy enough to handle your digital presence effectively.
  • Including digital assets in your will: Explicitly mention these assets in your will and provide clear instructions on how they should be handled. This legal inclusion helps in avoiding ambiguity and better ensures your digital assets are managed as you wanted.
  • Providing access information: Make sure that login credentials, passwords and security questions for each digital asset are documented securely. This information is crucial for your heirs to gain access without unnecessary delays or legal hurdles.
  • Keeping the plan updated: Once you have included all digital assets in your plan, make sure you regularly update it to effect any changes or new assets.

To better ensure your plan is legally sound and actionable, consider seeking legal guidance. This will also help ensure that all aspects of your digital estate are properly addressed and that your wishes are clearly documented and enforceable.