Whenever you deposit funds electronically, log in to social media, or save files to your computer or cloud, you leave a digital footprint. However, many people don’t consider what happens to their data—and online presence—after they pass.
Inventory Your Digital Assets
So many aspects of our lives are now stored online. Your digital estate includes any electronic accounts, files, records—and the devices they’re stored on. It will take some time and effort, but it’s essential to create a comprehensive list of all your digital assets, including:
- Online banking accounts, digital currencies or wallets, tax software, and credit investment and retirement records
- Spotify, Amazon, Netflix, and other e-commerce, streaming or entertainment subscription services
- Social media profiles for Facebook/LinkedIn/X, review sites, gaming, and dating apps
- Client data on Dropbox, Google Drive, iCloud or hard drives, business websites, bookkeeping software, and contracts
- Email accounts, domain names, mortgage and home insurance records, healthcare data, utility accounts, and videos and photos
Next, consider using a password manager to securely store and track login information for all your online accounts. Alternatively, you can create a planning document that details your usernames, passwords, security codes, and two-step authentication information. These credentials should NOT be included in your will because it becomes a public record after you pass.
Document Your Wishes for Your Digital Estate
Once you’ve accounted for all your electronic assets, you should name a digital fiduciary to access and manage them after your death. Whether a family member or trusted friend, your fiduciary should feel comfortable and capable of accessing and managing sensitive digital accounts and data according to your instructions.
Federal and state criminal laws currently prohibit unauthorized access to computer systems and private personal data. Additionally, privacy laws forbid online account service providers from releasing the contents of electronic communications without the owner’s consent.1 This means that if you don’t provide express consent, it can be extremely difficult for your fiduciary to gain access to your digital estate.
It’s recommended to work with your estate attorney to craft a notarized document that:
- Defines which digital assets your fiduciary can access and how you want them handled. For example, should e-commerce, streaming, subscription, and other accounts be transferred to another name or deleted? Do you want your digital financial records held or destroyed?
- Outlines whether you permit your fiduciary to view the content of communications within your email, social media, and other online service accounts.
- Includes all necessary login, password, and authentication information.
Your computer, smartphone and other devices, unused online account balances, and digital loyalty rewards can be included in your will. Additionally, you may want to:
- Name legacy contact in advance to manage or delete your Facebook profile. A verified family member of a digital fiduciary can request that your Instagram and LinkedIn accounts be memorialized or deleted after you pass.2
- Set up an “Inactive Account Manager,” who has permission to download data from your Google account after a specified period of inactivity. Apple also allows you to create legacy contacts to access certain types of data in the event of your death.3
- Consider creating a Trust for high-value digital assets like cryptocurrencies or copywritten digital properties.
- Review your digital inventory, login information, and instructions periodically to ensure accuracy.
Take Control of Your Digital Estate
By planning now, you can help ease stress and confusion for your loved ones later and have confidence knowing your digital legacy is protected.
EverPar can work with your attorney and other professionals to help you navigate the legal complexities of managing your digital assets as part of your comprehensive estate plan.
Sources
1https://www.fidelity.com/viewpoints/wealth-management/estate-planning-for-digital-assets
2 https://www.facebook.com/help/1017717331640041/?helpref=hc_fnav
https://help.instagram.com/264154560391256?helpref=faq_content
https://www.linkedin.com/help/linkedin/answer/a1336663/memorialize-or-close-the-account-of-a-deceased-member
3 https://support.google.com/accounts/answer/3036546?hl=en
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