People generally think of estate planning from a financial aspect. While the financial aspect is perhaps the most important, individuals should also look at their digital assets. What happens to your Facebook, LinkedIn, online bank accounts, etc. when you die? Do you have someone that you designated to take care of these accounts when you are gone? Do you specify what you want that designated individual to do with these assets?
Let’s look at some of the steps you should take:
Keep an Inventory
We are often warned about writing down our username and passwords, but this step is critical if you want someone to take care of your digital assets after you die. Keep this information in a safe place. Create a list or Excel spreadsheet detailing all your username and passwords.
Designate Your Representative & Provide Them Access
Make sure that you designate someone to take care of your digital assets. Remember that you will want someone who is technologically competent. You may even want to share where your list of username and passwords is located to this individual.
Instructions for Your Digital Assets
Make sure that you provide specific instructions for how you would like your digital assets managed after you die. You should be very specific here. Do you want your accounts closed? Do you want any information saved?
Make it Official
Ensure the person you designate to take care of your digital assets is given the proper authority in your will. If you don’t let your estate planning attorney in on your plan, your designated individual may not be able to fulfill all of your requests.
As technology has advanced in the past several years, so has our digital footprint. Now and certainly in the future, our digital footprint will become an important part in the estate planning process. If you have any specific questions, please reach out to Miles Tax Advisory today.