Digital estate planning refers to the process of organizing and managing one’s digital assets and online presence to ensure a smooth transition and proper management after death or incapacity. With the increasing importance of digital technologies in our lives, it has become essential to consider the fate of our digital presence and assets as part of our overall estate planning.
Digital Assets
Digital assets encompass a wide range of digital property, including but not limited to:
- Online accounts: These include email accounts, social media profiles, online banking and investment accounts, shopping accounts, and subscription services. Each of these accounts may contain valuable information or assets.
- Digital media: This includes personal photos, videos, music, and other creative works stored digitally on devices or in the cloud.
- Intellectual property: Digital assets may also include copyrighted materials, patents, trademarks, or other intellectual property that holds value.
- Cryptocurrency and digital currency: With the rise of cryptocurrencies like Bitcoin, it is important to consider how to manage and transfer these assets in the event of incapacity or death.
- Domain names and websites: If you own domain names or operate websites, they may have monetary or sentimental value.
- Online businesses: For individuals who own or operate online businesses, proper planning is necessary to ensure a smooth transition of ownership or management.
Planning Steps
Digital estate planning involves several key steps:
- Take inventory: Begin by creating a comprehensive list of your digital assets. Include all online accounts, digital files, and intellectual property. It’s crucial to document usernames, passwords, and any additional security measures required to access these assets.
- Appoint a digital executor: Designate a trusted individual who will manage your digital assets and online accounts according to your wishes. Ensure they have the necessary information and instructions to carry out your plans effectively.
- Specify your wishes: Clearly outline how you want your digital assets to be handled in your will or other legal documents. State whether you want your accounts to be closed, transferred, memorialized, or deleted.
- Consider privacy concerns: Decide how you want your personal information and digital content to be handled. Some people may prefer their accounts to be closed, while others may want specific content to be shared with loved ones or preserved for historical purposes.
- Consult an attorney: Seek legal advice to ensure your digital estate plan is in line with local laws and regulations. Laws regarding digital assets and their transfer after death can vary, so it’s crucial to stay informed.
- Use digital estate planning tools: Several online platforms and tools are available to assist with digital estate planning. These tools provide secure storage for passwords and instructions, allowing designated individuals to access them when needed.
- Communicate with loved ones: Inform your loved ones about your digital estate plan and where they can find the necessary information. This will help them navigate the digital landscape during challenging times.
- Regularly review and update: Just like traditional estate planning, digital estate planning should be reviewed and updated regularly to account for any changes in your digital assets or wishes.
Digital estate planning is becoming increasingly important in today’s digital age. Failing to account for digital assets and online presence in your estate plan can lead to confusion, legal challenges, or loss of valuable assets. By taking proactive steps to manage your digital estate, you can ensure your digital legacy is preserved and properly handled according to your wishes.
Attend a Complimentary Seminar
Summer is here, and the time is right for gatherings. With this in mind, we are conducting a number of seminars over the coming weeks. The sessions are being held at comfortable locations in our service areas, and you can come away with a lot of knowledge if you join us.
There is no charge, but we ask that you register in advance so we can reserve your spot. You can see the dates and obtain more information if you head over to our seminar schedule page.
Let’s Get Started!
If you have already learned enough to know that it is time to work with a Glastonbury, CT estate planning lawyer to develop a plan, we can help. You can send us a message to request a consultation appointment, and we can be reached by phone at 860-548-1000.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.