Over the past decade or so, you may have noted that your online presence and digital assets have become nearly as significant as many of your physical possessions. If so, you’re not alone. And it’s due to this trend that digital estate planning is becoming increasingly important for young and older adults alike.
Digital estate planning involves making arrangements for your digital assets in the event of your incapacity or death. These digital assets may include social media accounts, online banking and investment accounts, email accounts, digital photo libraries, domain names and access to any kind of account that is password protected. Without a clear plan for these assets, managing your digital legacy can be a complex and distressing task for your loved ones.
Making this effort can also help safeguard your interests
If you have not yet embraced digital estate planning it’s important to understand that it can help to ensure the security and privacy of your online information. In the absence of clear instructions, your digital assets could be at risk of misuse. By planning your digital estate, you can decide what happens to your online accounts and who should have access to them, protecting your digital legacy from unauthorized access or management in ways that you wouldn’t approve of.
Another crucial concern is the sentimental value of digital assets. For many people, digital photos, videos and social media accounts hold precious memories. By planning for these digital assets, you can better ensure that your loved ones have access to these memories and can preserve them as a part of your legacy.
Finally, digital estate planning is important for financial and administrative reasons. Many people manage their finances online, including investments, bank accounts and even debt. Without access to these digital assets, handling your estate can become more challenging for your loved ones. Digital estate planning allows you to provide necessary access and instructions to manage these assets efficiently.
As this area of law continues to evolve, so will the legal process and procedures associated with digital estate planning. Therefore, it’s wise to stay informed about anything you may need to do to keep your digital estate planning efforts current and enforceable.