Estate Planning for Digital Assets: Protecting Your Online Legacy
Plan for Digital Assets in Your EstateIn today's digital age, our lives are intertwined with online assets, making it imperative to include them in your estate plan. From sentimental family photos stored in the cloud to valuable cryptocurrencies and social media accounts, digital assets require careful consideration to ensure they are preserved and passed on according to your wishes.
Why Include Digital Assets in Your Estate PlanDigital assets encompass a wide range of items, including but not limited to:
The Significance of Digital Asset PlanningPhotos, Videos and Social Media
Your digital assets, such as family photos, videos, and personal writings stored in the cloud, social media accounts, and email correspondences, are a part of your legacy. Preserving them allows your loved ones to access and cherish these memories. Privacy and Security Concerns While you want your digital assets to be accessible to your loved ones, you also need to consider privacy and security. Some accounts may contain sensitive information that should remain confidential until a specified time, or indefinitely. Reducing Family Stress Planning for digital assets can help reduce stress and conflicts among family members during an already difficult time. Fulfilling Your Wishes Just like any other aspect of your estate plan, your digital asset plan should reflect your wishes, including how you want your digital assets to be managed and distributed. |
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Steps for Estate Planning of Digital Assets
- Inventory Your Digital Assets: Begin by creating a comprehensive list of all your digital assets. Include account information, login credentials, and instructions for accessing them.
- Appoint a Digital Executor: Designate someone you trust to handle your digital assets in your absence. This could be the same individual you name as Personal Representative of your estate in your will, but it does not have to be. Ensure they have the legal authority to access and manage these accounts.
- Include Digital Assets in Your Will or Trust: Specify how you want your digital assets to be distributed. You can leave sentimental items like photos to family members, designate who you want to have access to and decision making regarding your social media accounts, and specify who you want to inherit any intelelctual property. For cryptocurrencies and financial accounts, you may be able to designate beneficiaries inside of those accounts and bypass your will, but you should determine this before finalizing your estate plan.
- Online Password Management: Use secure password management tools to store login credentials, making it easier for your executor to access your digital assets.
- Privacy and Security: Consider the privacy implications of sharing login information. You may want to specify which accounts can be accessed immediately and which should remain private until a certain time.
- Regularly Update Your Plan: Review and update your digital asset plan periodically, especially when you create new online accounts or change passwords.
Conclusion
Planning for digital assets is essential to protect your legacy, financial interests, and privacy while ensuring that your wishes are carried out. Neglecting these assets can result in the loss of sentimental or financial value, privacy breaches, legal issues, family disputes, and the failure to honor your intentions. Therefore, including digital assets in your estate plan is a crucial step in comprehensive estate planning.
Meet Our Estate Planning Lawyers
Emily Smith-Lee is the owner and founder of slnlaw. She is a 1996 graduate of Boston College Law School. She was previously a partner at the Boston office of a large international firm, where she worked for thirteen years before starting the firm that became slnlaw in 2009. She has been recognized as Massachusetts Superlawyer each year since 2013, and in 2018 earned recognition as one of Massachusetts Lawyers Weekly's Lawyers of the Year.
Jenna Ordway: Jenna is a 2013 graduate of Quinnipiac Law School, and also earned an LLM in Taxation from Boston University in 2015. She has been affiliated with slnlaw since 2011, first as a law clerk and then as an attorney. Jenna has been recognized since 2019 as a "Rising Star" by Massachusetts Superlawyers. Jenna wrote a book on estate planning: The Road to Peace of Mind: What You Need to Know About Estate Planning. Jenna has helped many individuals and families with planning to protect their legacies and loved ones, and planning for the future and succession of their businesses.
Sharleen Tinnin: Sharleen is a 2010 graduate of Northeastern University School of Law, and earned her LLM in estate planning from Western New England Scool of Law in 2016. She has been with slnlaw since 2023. Prior to joining slnlaw, she worked with King, Tilden, McEttrick & Brink, P.C. on complex civil litigation matters. She previously worked for the United States Department of Justice, and received an "Excellence in Justice" award in 2017. Sharleen has helped many clients with planning for their legacies and their future, and navigating the probate process in Massachusetts after the death of a loved one.
How We Can Help
At slnlaw, our experienced estate planning attorneys can incorporpate digital asset planning into your overall plan. We'll work closely with you to create a comprehensive strategy, providing peace of mind that your digital legacy is secure and your wishes are carried out. You can start by using the button below to schedule a free information call, or simply give us a call at 781-784-2322.
Jenna Ordway
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