Your written will likely includes details on how to distribute finances, precious belongings and other tangible assets. If you do not account for your digital assets as well, though, your family will struggle to gain necessary access to vital information in a worst-case scenario.
The inheritance of digital assets is an easily-overlooked aspect of estate planning. It is important to understand that you must take steps to protect the personal data stored away in online accounts.
Experts recommend the use of multiple email accounts for different areas of your life. You might have a separate email for financials, work correspondence, subscription services and casual communication with friends and family. Your estate plan should provide access for chosen individuals to your various email accounts and other login information so they can access other digital assets including:
As with most other assets you might include in a will, you may pass on digital assets to a named beneficiary. However, you should make sure to secure your account passwords so that an executor can properly distribute the information when carrying out your will.
In the modern-day, digital assets can hold just as much personal significance as physical belongings. It is common to lock away funds and debts, as well as sentimental photos and other data behind digital accounts. Including access to such assets in your estate plan is essential for ensuring that they pass on to your loved ones.