You’ve obtained a will that divides your cash and private property, assigns powers of legal professional for monetary and medical issues, and designates guardians in your youngsters. So, your property planning journey is completed, proper?
Probably not. In the age of the Internet and computer systems, an property planning software that many individuals are lacking is a plan for what occurs to their digital property after an incapacity or dying. Digital belongings can embrace on-line financial institution accounts, social media accounts, pictures saved on-line, and extra.
Most folks concerned in property planning don’t contemplate these digital media to be “belongings” within the basic sense. However, they do go on after somebody has died and, as such, ought to completely be offered for in your property plan.
Creating A Digital Estate Plan
Consider for a second the entire data you’ve on-line or in your pc arduous drive. The first step in making a digital estate plan is to make a list of all these digital property and doc tips on how to entry them.
This stock ought to embrace:
Social media accounts (Facebook, Twitter, LinkedIn, Pinterest, Google+, and so forth.)
Blogs and web sites
Email accounts
Financial accounts (on-line banking, brokerage accounts, bank cards, loans, insurance coverage, 401K, and many others.)
Paypal, Propay, and different on-line cost websites
Online payments (cable, water, electrical energy, insurance coverage, and so forth.)
Marketplace websites (Ebay, Amazon, Etsy, iTunes, and many others.)
Data storage accounts (Cloud storage websites, Google Docs, and so forth.)
Photo or video sharing accounts (Youtube, Instagram, Flickr, and so forth.)
Online media websites, reminiscent of Netflix, Hulu, and so on.
This seemingly can be a protracted listing for many individuals. Basically, any on-line account that you simply signed up for is a protected guess to incorporate on the checklist. This listing ought to be up to date no less than annually.
Storing Info Safely
The checklist of data you collect on your digital property is a beneficial doc that must be saved safely. The private data it incorporates might be used for identification theft and lead to severe monetary points if the mistaken particular person will get ahold of it.
One protected storage choice is to place the record on a flash drive and retailer it in your security deposit field or house secure, alongside along with your different property planning paperwork.
To preserve this info non-public, you need to by no means e-mail it to anybody, go away printed copies unsecured, or put it aside to a tool that isn’t protected by a password.
Finalize Your Digital Estate Plan
Now that you’ve got your digital stock created, up to date, and safely saved away, you must finalize your digital estate plan.
First, identify an executor in your digital estate plan. Qualities to search for in the correct particular person embrace impartiality, the power to deal with delicate info, and superior information of present know-how. An property planning legal professional is one one who can serve this place; a trusted buddy could also be an alternative choice.
A digital estate plan also needs to embrace a listing of directions on the right way to deal with the property contained in it after you die.
Questions to contemplate embody:
Do you need your social media accounts deactivated? What are the phrases and situations for the websites you might be part of in regard to this?
Do you need on-line photographs printed for relations?
Do you need any last messages posted in your accounts?
Once your plan is finalized, ensure that the individual you selected as your digital executor can entry your plan and stock record, and has energy of legal professional over your digital accounts.
By Attorney Keith Morris
You’ve got a will that divides your money and personal property, assigns powers of attorney for financial and medical matters, and designates guardians for your children. So, your estate planning journey is done, right?
Probably not. In the age of the Internet and computers, an estate planning tool that many people are missing is a plan for what happens to their digital assets after an incapacity or death. Digital assets can include online bank accounts, social media accounts, photos stored online, and more.
Most people involved in estate planning don’t consider these digital media to be “assets” in the classic sense. However, they do go on after someone has died and, as such, should absolutely be provided for in your estate plan.
Creating A Digital Estate Plan
Consider for a moment all of the information you have online or on your computer hard drive. The first step in creating a digital estate plan is to make an inventory of all these digital assets and document how to access them.
This inventory should include:
- Social media accounts (Facebook, Twitter, LinkedIn, Pinterest, Google+, etc.)
- Blogs and websites
- Email accounts
- Financial accounts (online banking, brokerage accounts, credit cards, loans, insurance, 401K, etc.)
- Paypal, Propay, and other online payment sites
- Online bills (cable, water, electricity, insurance, etc.)
- Marketplace sites (Ebay, Amazon, Etsy, iTunes, etc.)
- Data storage accounts (Cloud storage sites, Google Docs, etc.)
- Photo or video sharing accounts (Youtube, Instagram, Flickr, etc.)
- Online media sites, such as Netflix, Hulu, etc.
This likely will be a long list for many people. Basically, any online account that you signed up for is a safe bet to include on the list. This list should be updated at least once a year.
Storing Info Safely
The list of information you gather for your digital assets is a valuable document that should be stored safely. The personal information it contains could be used for identity theft and result in serious financial issues if the wrong person gets ahold of it.
One safe storage option is to put the list on a flash drive and store it in your safety deposit box or home safe, along with your other estate planning documents.
To keep this information private, you should never email it to anyone, leave printed copies unsecured, or save it to a device that isn’t protected by a password.
Finalize Your Digital Estate Plan
Now that you have your digital inventory created, updated, and safely stored away, you have to finalize your digital estate plan.
First, name an executor for your digital estate plan. Qualities to look for in the right person include impartiality, the ability to handle sensitive information, and advanced knowledge of current technology. An estate planning attorney is one person who can serve this position; a trusted friend may be another option.
A digital estate plan should also include a list of instructions on how to handle the assets contained in it after you die.
Questions to consider include:
- Do you want your social media accounts deactivated? What are the terms and conditions for the sites you are a part of in regard to this?
- Do you want online photos printed for family members?
- Do you want any final messages posted on your accounts?
Once your plan is finalized, make sure the person you chose as your digital executor can access your plan and inventory list, and has power of attorney over your digital accounts.
