Your digital assets include everything from your social media accounts to credit card accounts to cryptocurrency keys.
Password protection and terms-of-service agreements can make it difficult for loved ones to access your accounts when you’re no longer here or able to manage them.
Organizing your digital assets can help your loved ones and executor better manage your estate.
So much of our lives take place online, but we don’t often think about what happens to our digital assets when we’re no longer here to manage them.
It’s important to plan for our digital footprint after we’re gone to prevent any financial or sentimental losses. And while laws and regulations surrounding data and digital assets are still evolving, there are steps you can take now to prepare.
While laws and regulations surrounding data and digital assets are still evolving, there are steps you can take now to prepare.
Making a list of the digital accounts you own can help your loved ones protect your memories as well as your estate and identity. Be thorough with your inventory and include as many assets as possible.
Your list of digital assets may include:
It’s important to note that while your online financial accounts and platforms are considered digital assets, the funds in the accounts/platforms are not.
One major challenge your beneficiaries may face when dealing with your digital assets is that most accounts are protected by private passwords. They may also be protected by laws surrounding data privacy and unauthorized access to computer systems.
The terms-of-service agreements of online services may add even more restrictions on access. If you don’t leave specific instructions regarding who can access these assets (and how), your loved ones may not even be able to recover your digital assets legally.
Fortunately, service providers and the law are evolving to help handle digital assets after death. Many states have adopted the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which lays out three tiers for accessing digital assets:
Start organizing your digital assets with these steps.
The process of digital estate planning may still be developing but taking these steps will help your loved ones protect your memories and better manage your estate.
Learn about trust and estate services at U.S. Bank.
An open dialogue with family members can help you successfully craft your estate plan.
Follow three steps to help ensure your vacation home is a haven, not a headache, for future generations.