By now, digital assets such as your username and passwords, email accounts, and social media are crucial to your everyday life. As something that’s so important to managing everything we do, your digital assets are important to include in your estate plan. In order for the details of your estate plan to be followed, your executor will likely need access to some sort of digital account, whether that be your bank or your social media.
What to Include
Ensure that the email addresses that are linked to your accounts are accounted for first. With an email address, your executor should be able to recover access to most other accounts. The contents of your email such as bills or receipts may also be necessary to settle different areas of your estate. After your email accounts, it may be helpful to compile a list of your other important accounts and their passwords. To make this step easier, a password manager is recommended, as it keeps all of your passwords in one place, and allows you to pass on a single password to your executor which will give them access to all of your accounts. Most password managers will also automatically save new passwords, saving you from having to manually keep a list up to date.
Specify How You Want Your Digital Assets to Be Handled
Your estate plan can also specify your plans for these digital assets, such as having all of your digital photos given to a family member or to transfer ownership of assets like domain names. Your attorney should ensure that your plan clearly outlines the executor’s rights and authorizations for what they can and cannot do with your digital information to ensure that your wishes are accurately followed.
Consider Naming a Separate Executor
If your current executor is trustworthy and reliable but isn’t the most tech-savvy, you can name another executor who is designated to only handle your digital assets. This isn’t always necessary, but it’s important to ensure that the person designated to transfer your digital assets knows how to follow your instructions.
Ensure Your Will Is Taken Care Of
Once you’ve added all of your digital assets to your estate plan, ensure that it’s stored somewhere safe along with the necessary instructions and information to access your accounts. This can be in a safe or filing cabinet, or with your estate planning attorney. If you’re ready to get started on an estate plan that works for your needs, Contact McMahon Law Group today.
McMahon Law Group
Latest posts by McMahon Law Group (see all)
- How to Include Digital Assets in Your Estate Plan - May 15, 2022
