From personal photos and videos to social media accounts and online banking, many aspects of our lives are now intertwined with the internet. Today, digital assets encompass a broad range of items, from personal files like photos and documents to social media accounts, financial accounts, subscription and streaming services, emails, and more. As a result, it is crucial to consider how these digital assets will be managed and accessed after your death.
Here's what you need to know about how to manage these assets now — before it's too late.
What legal considerations affect digital assets?
The law surrounding digital assets is complex and varies by jurisdiction. However, there are some common principles and steps that can help ensure these assets are managed according to your wishes.
Ensuring legal access to digital assets after your death can be challenging. Estate planning documents, such as wills and trusts, should explicitly address digital assets. Clear instructions on how digital assets should be handled — whether certain accounts should be deleted, transferred, or archived — are essential.
In many cases, accessing digital assets without prior authorization can be illegal, even for family members. Therefore, it is essential to ensure that a digital executor has the legal right to access your accounts by including explicit authorization in your estate planning documents. You may require the assistance of counsel given the evolving laws in this area, such as the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which provides a framework for fiduciaries to manage digital assets.
Different service providers have varying policies regarding account access after death. For instance, Facebook allows users to designate a legacy contact or have their account permanently deleted, while Google provides an Inactive Account Manager feature that lets users specify what happens to their account if it becomes inactive. Apple's Digital Legacy program allows users to designate legacy contacts who can access their Apple account data. It is crucial to understand these policies and incorporate them into your estate planning strategy.
Practical Digital Estate Planning Steps
Take these steps now to start managing your digital assets:
- Create a digital inventory: Take a detailed inventory of your digital assets, including usernames, passwords, and security questions. Store this inventory securely, but make sure your executor can access it.
- Use password management tools: Password managers can help organize and securely store login information for digital assets. Grant your digital executor access to this tool as well.
- Keep your information up to date: Access credentials for digital assets change frequently. Update your digital inventory regularly, ideally as part of your annual estate planning review, so you pass on current information to your executor and family.
- Communicate with loved ones: Discuss your digital legacy plans with your family members and your executor to ensure everyone knows your wishes and the procedures to follow.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.