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Digital Assets and Estate Planning
Ensuring that your digital assets are included in your estate plan is a crucial aspect of modern estate planning. Here’s a step-by-step guide to help you organize and manage your digital assets:
  1. Identify Your Digital Assets: Create a comprehensive list, including:
    1. Online accounts (email, social media, banking)
    2. Digital files (photos, videos, documents)
    3. Cryptocurrency holdings
    4. Domain names
    5. Subscriptions and memberships
  2. Document Access Information: Store and update a document with detailed access information, such as usernames, passwords, two-factor authentication, and security questions.
  3. Choose a Digital Executor: Designate a trusted person to manage your digital assets in accordance with your wishes.
  4. Consider Legal and Platform-Specific Terms: Be aware of legal and platform-specific terms related to digital assets and policies regarding access and transfer after death.
  5. Create a Digital Assets Addendum or Letter of Instruction: Draft a document to accompany your will or trust, providing guidance on managing your digital assets and accessing login credentials.
  6. Use Online Password Managers: Consider using a secure online password manager and share the master password with your digital executor.
  7. Review and Update Regularly: Regularly review and update your digital asset plan to account for changes in your online presence.
Digital Assets Include but May Not Be Limited to:
  • Email Accounts: [List of Email Accounts with usernames and passwords]
  • Social Media Accounts: [List of Social Media Accounts with usernames and passwords]
  • Financial and Banking Accounts: [List of Financial and Banking Accounts with usernames, passwords, and any two-factor authentication details]
  • Cryptocurrency Holdings: [Details of Cryptocurrency Holdings with access information]
  • Digital Files and Storage: [Information on Digital Files, Storage Accounts, and access credentials]
  • Domain Names: [List of Domain Names with registrar information and access credentials]
  • Subscriptions and Memberships: [Details of Subscriptions and Memberships with access information]
For more up-to-date ideas regarding your personal finances, please follow Diana Kahn, CFP® on LinkedIn and like The Financial Pharmacist, Inc., on Facebook.
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