Digital estate planning is the process of organizing and managing your digital assets, such as online accounts, social media profiles, and digital documents, in the event of your death or incapacitation. It is an important aspect of estate planning that is often overlooked. Unfortunately it can have significant consequences for your loved ones if not properly addressed.
Terms of Service
Many online accounts and services have their own terms of service. These terms of service may not align with your wishes for your digital assets. For example, some social media platforms may allow a family member to request access to a deceased user’s account. Others may simply deactivate the account upon receiving notification of the user’s death. It is important to familiarize yourself with the terms of service for each of your online accounts and understand how they will handle your digital assets in the event of your death or incapacitation.
Getting Started
To begin your digital estate planning process, it is important to make a list of all of your online accounts and digital assets. This should include not just social media profiles, but also accounts for online banking, email, shopping, and other services. You should also include any digital documents, such as electronic copies of important documents such as wills, insurance policies, and deeds.
Digital Asset Management
Once you have a complete list of your digital assets, you should consider who you would like to manage these assets in the event of your passing or incapacitation. This may be a spouse, a trusted friend or relative. It can also be a professional fiduciary such as an attorney or financial advisor. It is important to discuss your wishes with this person and ensure that they are willing and able to take on this responsibility.
There are several ways to legally transfer ownership or access to your digital assets. One way is the use of a power of attorney or a trust. It is important to consult with an estate planning attorney to determine the best option for your situation.
Social Media Accounts
Within the constraints of the terms of service, how do you want your social media accounts to be handled? You should share this information with the individual that will be managing your digital assets after your death.
Review Your Digital Estate Plan
Finally, it is important to regularly review and update your digital estate plan to ensure that it reflects your current wishes and takes into account any changes to your online accounts or digital assets. This may involve updating your list of digital assets, revising your power of attorney or trust documents, or making changes to the instructions for how your accounts should be managed.
Summing It Up
In conclusion, digital estate planning is an important aspect of estate planning. It should not be overlooked. By organizing and managing your digital assets and providing clear instructions for their management, you can ensure that your loved ones are able to access and manage these assets according to your wishes.
Explore Our Free Resources!
You are here because you would like to learn more about estate planning and elder law matters. We take education very seriously, and we have compiled a treasure trove of resources on this website. They are offered free of charge, and we invite you to take full advantage of them.
One of the resources that is particularly valuable is our estate planning worksheet that will give you a far better understanding of this important process. You can visit our worksheet page to get more details and obtain access information.
Ready to Act Now?
If you have learned enough to know that it is time to work with an Oklahoma City estate planning lawyer to develop your plan, we are ready to spring into action.
Each situation is different. There is no one-size-fits-all plan that is right for everyone. When you work with our firm, we will help you devise a plan that is custom crafted to suit your needs on every level.
You can set the wheels in motion if you call us at 405-843-6100, and our Tulsa office can be reached at 918-615-2700. If you would rather send us a message, fill out our contact form and we will get back in touch with you ASAP.
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.