When thinking about estate planning, it is easy to overlook the importance of creating a digital estate plan, yet this aspect is increasingly crucial in our digital age. With our lives increasingly reliant on technology, failing to address digital assets can lead to significant challenges for your loved ones after you’re gone.
A digital estate plan takes care of several important aspects related to your digital presence and assets, better ensuring they are managed in accordance with your wishes in the event of your incapacity or passing. The benefits of having one include the following.
1. Digital legacy preservation
Almost everyone has a digital footprint in today’s interconnected world, comprising various online accounts, social media profiles, email correspondence, digital photos, videos and documents stored in the cloud, among other assets. Your plan allows you to specify how you want these digital assets to be handled after your death, ensuring that your digital legacy is preserved and handled according to your preferences. This can include instructions on who should have access to your accounts, how your social media profiles should be managed or memorialized and what should happen to any valuable digital content you’ve created or collected over the years.
2. Digital asset protection
Without proper guidance on how to handle your digital assets, your loved ones may encounter difficulties accessing or managing them after your passing. This can lead to delays, legal complications or even the loss of valuable digital assets. A digital estate plan provides clear guidelines on accessing and managing your digital assets, including online accounts, cryptocurrencies, intellectual property and more. By specifying who should have access to these assets and how they should be handled, you can help protect them from unauthorized access, help ensure their proper management and minimize the risk of disputes among your heirs.
Legal guidance can help ensure your digital estate plan complies with relevant laws and regulations, as well as guide you on best practices for documenting your wishes and appointing trusted individuals to manage the execution of your digital estate plan.