Your Digital Legacy
We always encourage our clients to have an estate plan in place. An estate plan is fundamental to so many aspects of financial planning and family considerations. In today’s digital age, there is a relatively new wrinkle to the estate planning landscape.
While not a top-of-mind conversation, you may have wondered "What happens to my digital accounts when I die?" Each of us has mounds of data associated with us and just like our physical assets, we can dictate what happens to that data.
Thankfully, most states have adopted the Revised Uniform Fiduciary Access to Digital Assets Act or similar legislation. This legislation creates a 3-tiered framework for digital assets.
Online or native tools – using the company’s process.
Legal documents – your digital assets are included in your estate plan, and you can designate authority to care for your data and accounts. Revisit your documents to ensure this is included.
Terms of service – the terms of service agreed to upon account creation will govern any access to a user’s account.
Beware of the potential legal implications of simply using their passwords as this can violate the terms of service or be considered hacking.
It can still be helpful for a spouse or close family member to have access to your phone and passwords in case they are needed. Cybersecurity best practice is to use a password manager.
So, what can I do to prepare?
Follow steps #1 & #2 above to ensure you have those covered.
Create a digital inventory and keep it with your estate planning documents. This includes:
Social media accounts
Email accounts
Cryptocurrency holdings
Digital media libraries
Loyalty rewards and airline miles
Cloud storage accounts
Online banking and investment accounts
The bottom line is to think about this and plan now to ease the burden on your family & friends in the future. Please consider taking a few extra steps to ensure your loved ones have access to your important information.
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