Did you know the average person has over 100 online accounts1? This fact shows how important it is to manage your digital legacy well. Your online life, from social media to bank accounts, is valuable to your loved ones. But, without planning, it could be lost forever.
Now, managing our lives online is key. It affects our money, how we keep in touch, and our online identity1. With more info online, managing digital assets after someone passes is tough1. Executors often can’t get into these accounts, losing important info and memories.
More of our lives are going digital, so we’ll keep more stuff online1. This means we need to think differently about wills. Places like Australia and Canada are changing laws for electronic Wills because of COVID-191. New companies are helping people make and store digital Wills, showing how important digital planning is.
Key Takeaways
- Digital access is key to our daily lives, affecting money and social life.
- Most people have over 100 online accounts, making digital asset management crucial.
- After someone passes, managing their digital assets can be hard, leading to lost info and assets.
- Legislation and services are changing to include electronic Wills and digital planning.
- Planning ahead is key to keeping your digital legacy safe and in line with your wishes.
What is a Digital Legacy?
In today’s digital world, we all create and manage many digital assets. These assets are more than just money; they hold deep emotional value for us and our families2. It’s important to know who can access and use these assets because rules change with each platform and type of content2. To start planning your digital legacy, first list all your digital assets2.
Types of Digital Assets
Digital assets include things like social media profiles, emails, online banking, and more3. Some can be left to someone in a will, but not all3. If you don’t leave instructions, it can be hard and expensive for your loved ones to get into your digital stuff3.
- Social media accounts (e.g., Facebook, Instagram, TikTok, YouTube)
- Email accounts
- Digital files on devices or in the cloud
- Online banking and financial accounts
- Intellectual property (e.g., digital art, writing, music)
- Online subscriptions and memberships
Planning your digital legacy makes things easier for your family, lowers stress, and helps manage your digital stuff2. Choosing a digital executor is key to handling your online assets well2. Adding digital legacy plans to your will or a separate document protects your wishes for your digital assets2.
Each social media site has its own rules for handling digital legacies, like keeping accounts alive, deleting them, or picking a legacy contact2. Knowing these rules is important for good digital legacy planning2.
| Platform | Digital Legacy Options |
|---|---|
| Users can pick a legacy contact, keep the account alive, or delete it2. | |
| Accounts can be kept alive or deleted without a legacy contact2. | |
| Accounts can be shut down by someone with proof of death, like a death certificate2. | |
| Family or those with permission can ask to keep or close an account2. |
In short, a digital legacy is all the digital stuff and online accounts we leave behind3. Good planning means listing all your digital assets, picking a tech-savvy executor, and writing clear instructions for each asset2.
Why Plan Your Digital Legacy?
In today’s digital world, planning your digital legacy is crucial4. A staggering 81% of data breaches happen because of weak or reused passwords4. This shows we need better security for our online accounts and digital stuff4. Experts suggest using a password manager like 1Password to keep your digital stuff safe4.
Many people forget to think about what happens to their digital stuff after they’re gone4. This can cause big problems for their loved ones, who have to deal with digital accounts and assets5. In the UK, the laws are still catching up with digital life, causing confusion and disputes over digital assets5.
Planning your digital legacy ahead of time means your online stuff and digital assets will be taken care of as you wish5. This gives you peace of mind and makes things easier for your loved ones5. A UK legal case showed the emotional and practical issues that come from not planning ahead, making it clear we should include digital legacy in our estate plans5.
With a detailed digital legacy plan, you can protect your digital assets and keep your online life safe5. It also makes things easier for your loved ones when they’re grieving5. This includes keeping your identity safe, making sure your digital stuff gets passed on, and giving clear instructions to your beneficiaries5.
To secure your digital legacy, start by making a list of your digital assets5. Decide how others can access them, legally add them to your estate plan, use secure storage like encryption, and keep your plan updated5. By doing these things, you make sure your digital legacy is looked after as you wish, keeping your online life safe and caring for your loved ones after you’re gone5.
“Proactive digital legacy planning ensures that digital assets are handled according to the owner’s wishes, making things smoother and less stressful for beneficiaries.”
Online Accounts and Digital Legacy Planning
In today’s digital world, it’s key to manage your online accounts after you pass away. With more adults in the U.S. using the internet, from 52% in 2000 to 93% in 20216, securing your online presence is vital.
Assets like passwords, email accounts, social media, and digital media are precious. They hold both emotional and financial value6. To keep these safe and give your loved ones access, digital estate planning is crucial.
Using a password manager is a smart move. It keeps usernames, passwords, and more in a secure spot6. Some sites, like Facebook and Google, let you pick a person to manage your account after you’re gone6.
Digital estate planning is key to protecting your online world. It lets you share your wishes for your accounts and assets6. This way, your family can handle your digital stuff and keep your info safe from theft6.
Planning your digital legacy makes things easier for your family later on6. It ensures your online life is looked after and passed down right. This step is vital for keeping your digital legacy safe for the future.
Appointing a Digital Executor
The digital world is changing fast, making it key to have a digital executor. This person takes care of your digital assets and online accounts after you’re gone7. They handle everything from emails and social media to online banking and personal data on devices7.
It’s vital to pick the right digital executor. They need to be tech-savvy, trustworthy, and good at managing digital assets and securing online accounts8. You might consider hiring a professional digital executor, but they might cost more8.
A digital executor’s job includes keeping digital files safe, managing online accounts, and closing or transferring digital assets8. To appoint one, you need to write down your wishes, talk to your executor, add their info to your will, and keep your digital legacy plan updated8.
Doing these things helps protect your digital legacy and makes sure it goes where you want it to after you’re gone7. Using secure tools like online signature generators helps keep your digital estate plan safe8.
“Appointing a digital executor is crucial to designate a person responsible for managing digital assets according to the wishes outlined in the digital estate plan.”
Conclusion
Managing your digital legacy is key to end-of-life planning. You’ve built up a lot of digital stuff over the years, like social media profiles and online bank accounts. These things are very valuable to you and could be worth a lot of money9.
Most Americans have about 200 online accounts. Every year, billions of dollars in digital assets are left unclaimed because people forget about them after they pass away9. With good digital legacy planning, you can make sure your wishes are followed and your loved ones can keep your digital treasures safe.
Choosing a digital executor, organizing your online stuff, and keeping your digital wishes safe gives your family peace of mind10. Sites like Biscuit Tin and MyWishes offer safe places to keep important documents like wills and digital wishes. This way, if the originals get lost or damaged, you still have a backup10. Plus, experts in estate planning can help you add your digital stuff to your will and teach you how to keep it safe and secure9.
The digital world is always changing, so planning for your digital legacy is more important than ever9. By taking steps to manage your online accounts and digital stuff, you make sure your digital legacy is looked after and passed on to your loved ones. This also helps protect them from legal and privacy problems. Remember, your digital life is just as important as your physical one. Planning for it is a key part of making sure everything is taken care of.
FAQ
What is a digital legacy?
Why is planning a digital legacy important?
What types of digital assets should be included in a digital legacy plan?
How do I appoint a digital executor?
What should I include in my digital legacy plan?
Source Links
- https://www.rbcwealthmanagement.com/en-ca/insights/have-you-planned-your-digital-legacy
- https://www.freewills.co.uk/guides/what-is-a-digital-legacy
- https://www.nolo.com/legal-encyclopedia/a-plan-your-digital-legacy.html
- https://trustandwill.com/learn/digital-legacy
- https://www.linkedin.com/pulse/safeguarding-your-story-why-digital-legacy-planning-matters-stewart-ewcze
- https://pbwslaw.com/estate-planning-for-your-digital-legacy/
- https://trustandwill.com/learn/digital-estate-planning
- https://bluenotary.us/digital-executor-ensuring-your-online-wishes-are-fulfilled/
- https://gcpeterslaw.com/digital-assets-and-your-estate-why-planning-ahead-matters/
- https://www.theguardian.com/money/2023/oct/16/how-to-manage-digital-legacy-after-death-will