In today’s interconnected world, the digital aspects of one’s life are becoming nearly as important to consider as their physical assets when planning for the future. As such, when it comes to estate planning for physical assets, digital assets should also be considered.
If you are thinking about preparing an estate plan, know that the following are several reasons you should also consider digital estate planning as well.
Ensuring continuity of online services
Today, many businesses maintain online stores and subscription services that customers rely on for various needs, from essential purchases to entertainment. By including digital estate planning in your overall estate plan, you can ensure that these online accounts and services remain accessible and functional even after you’re gone. This means designating individuals who can manage your online accounts, handle subscriptions and ensure that any ongoing transactions or services are not disrupted.
Preserving your digital legacy
In today’s digital age, much of our personal and professional lives are documented online through photos, videos, emails, social media posts, blogs and other digital content. These digital assets often hold sentimental value and can serve as a lasting legacy for future generations. By incorporating digital estate planning into your overall estate plan, you can ensure that your digital legacy is preserved and managed according to your wishes.
Protecting sensitive information
Your digital accounts often contain sensitive personal and financial information such as passwords, bank account details and online subscriptions. Without proper planning, this information could be lost or fall into the wrong hands, leading to potential identity theft or financial loss. Digital estate planning enables you to securely manage and transfer this information to designated individuals or beneficiaries.
Minimizing conflict
Without clear instructions on how to access and manage your digital accounts, disputes may arise among family members or other beneficiaries regarding ownership, access and distribution of digital assets. This can not only create emotional stress and strain relationships but also result in costly legal proceedings to resolve conflicts.
Seeking legal counsel can help to ensure that your digital assets are properly accounted for and integrated into your overall estate planning strategy, offering peace of mind for you and your loved ones.
