Sizeable digital estates are accumulated by growing number of businesses and individuals. Be it business or an individual, it is time to think, what happens to these digital assets after their death. For transferring these digital assets to their legal heir after their death, they need to create an effective digital estate plan.
Five steps in creating an effective digital estate plan:
Prepare list of your digital assets and ways to access them: Prepare inventory lists of your digital assets that include:
- Your social media accounts like Facebook, LinkedIn, and Twitter
- Your own websites and blogs
- Online bank account, retirement plan, brokerage, loan, insurance and credit card
- Online apps and retail account from stores, market places and flash sale sites like Amazon, eBay and iTunes
- Your email accounts
- Online payment accounts like PayPal
- Music sites like Pandora
- Online utility bills account
- Video or photo sharing sites like YouTube and Flickr
- Your online account numbers and passwords should be given to two different individuals to avoid hacking into your digital account. Update your inventory list once in a year or whenever you open or close a digital account or change a password.
Find a secure place to store this information: It is important to identify a safe and secure place to store all your digital inventories. As it contains all personal information, there is every chance that it could lead to financial losses or identity theft if it gets into wrong hands. The options to store the lists are in safety deposit box at your bank or sites like Planned Departure
Identify your Digital Executor: Identify a person who is matured and impartial and have capability to handle this sensitive information sensibly and who is also technologically savvy. The one who fits the description will be your digital executor who will be designated to carry out your digital estate plan upon your demise and he or she will be named as your digital executor in your will. Make sure your digital executor knows how to access your digital estate plan upon your death.
Instructions for what should be done regarding your digital assets upon your death: Make sure your will lays out the distribution of all your bank and brokerage accounts with the instructions to access your online account. Create a to-do list regarding all your digital assets right from FaceBook, LinkedIn, YouTube, Twitter to your Flickr accounts. This written document should be handed over to your Digital Executor. The to-do list should have answers for what to be done to your FaceBook account upon your death, whether deactivated or to remain online as a memorial. Before doing all these check for the terms of services on your social media accounts.
Consider to post a final online message: You can explain in your digital estate plan how to send a final online message to your friends and family. Whatever may be your decision, make sure your digital estate plan gives detailed instructions to your digital executor.
Sizeable digital estates are accumulated by growing number of businesses and individuals. Be it business or an individual, it is time to think, what happens to these digital assets after their death. For transferring these digital assets to their legal heir after their death, they need to create an effective digital estate plan.
Five steps in creating an effective digital estate plan:
Prepare list of your digital assets and ways to access them: Prepare inventory lists of your digital assets that include:
-
Your social media accounts like Facebook, LinkedIn, and Twitter
-
Your own websites and blogs
-
Online bank account, retirement plan, brokerage, loan, insurance and credit card
-
Online apps and retail account from stores, market places and flash sale sites like Amazon, eBay and iTunes
-
Your email accounts
-
Online payment accounts like PayPal
-
Music sites like Pandora
-
Online utility bills account
-
Video or photo sharing sites like YouTube and Flickr
Your online account numbers and passwords should be given to two different individuals to avoid hacking into your digital account. Update your inventory list once in a year or whenever you open or close a digital account or change a password.
Find a secure place to store this information: It is important to identify a safe and secure place to store all your digital inventories. As it contains all personal information, there is every chance that it could lead to financial losses or identity theft if it gets into wrong hands. The options to store the lists are in safety deposit box at your bank or sites like Planned Departure
Identify your Digital Executor: Identify a person who is matured and impartial and have capability to handle this sensitive information sensibly and who is also technologically savvy. The one who fits the description will be your digital executor who will be designated to carry out your digital estate plan upon your demise and he or she will be named as your digital executor in your will. Make sure your digital executor knows how to access your digital estate plan upon your death.
Instructions for what should be done regarding your digital assets upon your death: Make sure your will lays out the distribution of all your bank and brokerage accounts with the instructions to access your online account. Create a to-do list regarding all your digital assets right from FaceBook, LinkedIn, YouTube, Twitter to your Flickr accounts. This written document should be handed over to your Digital Executor. The to-do list should have answers for what to be done to your FaceBook account upon your death, whether deactivated or to remain online as a memorial. Before doing all these check for the terms of services on your social media accounts.
Consider to post a final online message: You can explain in your digital estate plan how to send a final online message to your friends and family. Whatever may be your decision, make sure your digital estate plan gives detailed instructions to your digital executor.
