Your life online can be just as significant as your life in the real world. We store family photos in the cloud, keep our finances in online accounts, and use social media to stay connected. But when it comes to planning for the future, many people forget to include their digital assets in their estate plans.

If you don't leave clear instructions, your loved ones could have difficulty accessing your important accounts. Some accounts might be deleted. Others could be frozen. Planning for your digital assets helps protect everything you have built online and gives your family one less thing to worry about.

What Counts as a Digital Asset?

When people hear “digital asset,” they often think about social media. However, digital assets go far beyond Facebook or Instagram. They include email accounts, online bank accounts, investment accounts, reward points, subscription services, websites you own, blogs, domain names, online photos, and videos stored in the cloud. They also include newer types of property, like cryptocurrency.

Each of these digital assets may have emotional or financial value. For example, photos stored in a cloud account could be priceless to your family. A cryptocurrency wallet could hold real financial value. Even something as simple as an online subscription service could cause problems if no one knows how to cancel it.

Without a plan, your loved ones may have to go through long and costly processes to gain access. Some companies have strict policies that block family members from accessing an account after the account owner dies, even if they are close relatives. Planning now can avoid those problems later.

How to Include Digital Assets in Your Estate Plan

The first step is to make a full list of your digital assets. This list should include account names, usernames, passwords, and security questions. Include important notes, like whether an account has two-factor authentication or backup codes.

Once you create the list, store it somewhere safe. A secure password manager is a good option. Some people also store a written version in a locked file cabinet or with their attorney. Wherever you keep it, make sure someone you trust knows how to access it if needed. Do not include passwords in your will because wills become public during probate.

Next, choose a digital executor. This is a person you trust to handle your digital assets after your death. Be specific about what you want done with each account. You might want social media profiles deleted, memorialized, or left alone. You may want certain files backed up and saved for family members. Financial accounts may need to be closed or transferred. Without these instructions, your family may not know what you would have wanted.

Finally, review and update your digital asset list every year or whenever you make major changes, like opening a new account, changing a password, or selling a cryptocurrency holding. Keeping everything current will make things much easier later.

Why Planning for Digital Assets Matters

Taking the time to plan for your digital assets helps protect your memories, finances, and legacy. It also spares your loved ones the stress of guessing what to do with your online presence. Without a plan, accounts could be lost forever, assets could be tied up for months or even years, and important memories could be gone with no way to recover them.

Managing digital assets is now a regular part of good estate planning. The sooner you create a plan, the more control you have over what happens to your online life after you are gone.

Contact Select Law Partners

Your digital life deserves the same protection as the rest of your estate. The attorneys at Select Law Partners can help you build a secure, complete estate plan that covers your physical and digital property. Contact us today to start the conversation.