CINCINNATI–( BUSINESS WIRE )–Many studies show that nearly two-thirds of Americans don’t have a will, and even fewer have created a full estate plan. Fifth Third Bancorp (Nasdaq®: FITB) understands that many people say the process is too complex and too-time consuming, so the Bank created Fifth Third LegacyLink, […]
Motivation Traditional technologies protect a user’s privacy by upholding the basic information security directive that the user, and only the user, have sole exclusive custody and knowledge of his keys. They also assume, both in theory and in practice, that the user is immortal and perennially healthy. The corollary […]
What Is Digital Estate Planning? Digital estate planning is estate planning for digital or online assets, such as e-mail, text messages, websites, financial or personal information, and social networking accounts. Digital estate planning is a new field, so there are no federal statutes and only a handful state laws […]
When writing a will or planning your estate you should also think about your digital assets and what will happen to them once you are gone.
A lot of people are not taking their digital estate into account when putting their will together, despite the fact that it could be worth thousands of pounds. Things like music files, films, ebooks, PayPal balances, online bank accounts and registered domain names all add up, and many people are sitting on a fortune in digital assets. Aside from the monetary value of digital property, there is also sentimental value to think about. Photos that are stored online could become inaccessible to your loved ones unless you specify your wish to pass your accounts on.
It’s Good to Talk
There may be assets that your family aren’t even aware of too. Talking about your will with your family is often considered a taboo, but it is vital to include your loved ones in the planning process and make them aware of any property they may not know about – particularly digital property. Compiling a list of any online accounts you own, as well as important or valuable files and their locations is the best way of ensuring they are passed on. Keeping an inventory will also help you to organise your digital assets to make the process easier. There are various password management services online which store usernames and passwords to any online accounts you have. This service is then accessed by a single master password which can be given to an executor so they can access all the information they need in one place.
Planning in Advance
Complications can arise when transferring digital assets. Handing over digital media such as music, films and ebooks may depend on the terms of service. Some providers may stipulate that despite paying for the product, you don’t actually own it, therefore cannot transfer ownership to another person. Some services actually require a death certificate to be presented in order to close or transfer ownership of an account or device. If you are planning to store your digital media with an online storage provider such as Dropbox, check the terms of service. Storing your media in one place, only for your relatives to find out they are unable to access your account after you have died could be devastating.
One of the best ways to ensure you secure your digital legacy is to seek help from professionals. If you would like advice or assistance on writing a will, please get in touch.