What is a Digital Legacy? And Why You Should Be Planning Yours
In an era where our digital footprints often outlast us, have you paused to consider what happens to your online presence once you're gone?
From treasured memories on social media to valuable accounts and creative works, our digital legacy is an integral part of our identity. While contemplating this may feel daunting, preparing for your digital afterlife can provide you and your loved ones peace of mind and ensure your wishes are honored.
But to ensure your digital legacy lives on, it’s crucial to first understand what exactly constitutes a “digital asset.”
Defining Digital Assets: From Social Media to Cryptocurrency
Digital assets, in the context of estate planning, refer to the diverse and valuable components of your online presence and digital life. These encompass a wide range of items, from social media accounts and email inboxes to cryptocurrencies and cloud-stored files. They can also include your online subscriptions, digital copyrights, patents, or trademarks, as well as valuable in-game assets if you're an avid gamer.
On a broader scale, digital assets also cover any online accounts with monetary or sentimental value, such as eBay or Etsy stores, and even include any cryptographic keys or digital signatures you use for various purposes.
"A new kind of asset — a digital asset — needs to be understood and accounted for in the preparation and execution of estate plans." - Nick Beis, vice president of advanced planning at Fidelity
Taking Control: Charting Your Digital Course
While many have plans for their physical assets, the digital realm is often left uncharted. This oversight can leave loved ones overwhelmed when attempting to navigate your online accounts posthumously.
Here are the steps you need to take to secure your digital legacy:
Step 1: Taking Inventory of Your Digital Assets
The first step in digital asset inheritance planning is taking a comprehensive inventory of all your digital assets. This includes everything from your social media accounts to your online banking profiles, email accounts, cloud storage, and even gaming accounts. It's also important to include any valuable digital properties you own such as domain names, cryptocurrencies, NFTs and intellectual property rights.
For each digital asset, note down the necessary access details such as usernames, passwords, and answers to security questions. This will ensure your digital executor can efficiently manage your online presence in your absence.
Step 2: Deciding the Fate of Your Digital Assets
Once you have a comprehensive inventory, the next step is to decide what you want to happen to these assets once you're no longer around. For instance, many social media platforms offer options for handling accounts after death. You’ll need to decide whether you want your profile to become a memorial space or be permanently deleted. Do you want your family to have access to your email accounts? Would you want your online business to be continued or shut down? Answering these questions will guide your digital executor in carrying out your wishes.
Step 3: Appointing a Digital Executor
The digital executor is the person you entrust to manage your digital assets according to your preferences. This person will have access to all the information you've compiled and will be responsible for executing your wishes and carrying out your digital legacy. This can be anyone you trust, such as a close friend, family member, a third party service, or an attorney.
Step 4: Making Your Digital Estate Plan Legal
The final step is to turn your digital estate plan into a legally binding document. This is where you’ll want to work with your attorney or estate planner, to incorporate your asset schedules and specific wishes properly into your will, living trust, and other testamentary documents. Each state has different rules on how to handle these properly, so do your research and make sure you’re in compliance.
Step 5: Review and Update Annually
You should review and update your digital estate plan periodically as you create or delete online accounts, change phone numbers or make other changes. This ensures it stays current without having to update your last will or add additional codicils.
How Eternal Me Can Help Secure Your Digital Legacy
At Eternal Me, our easy platform guides you through this process, ensuring that all types of digital assets are included in your estate plan. We understand the intricacies of digital assets and are committed to helping you secure your digital legacy.
With the information you provide, Eternal Me automatically creates digital assets schedules that can be easily included in your existing will or living trust. When you make updates, they are seamlessly incorporated. You can also generate a Digital Will, a comprehensive plan that details how each of your digital assets should be managed or transferred after your passing. We understand that these assets can have both monetary and sentimental value, which is why our Digital Will covers everything from online business operations to your cherished digital photo libraries.
Alongside our Digital Will, we offer an Eternal Vault. This is a secure, encrypted space for your passwords, testamentary documents, and other transferable digital assets. Whether it's login details for your social media accounts or encryption keys for your cryptocurrency wallets, the Eternal Vault ensures your digital assets are safe – but easily and securely accessible to those you trust, after you pass away.
Lastly, we offer Memorial websites. These are personalized spaces where your loved ones can celebrate your life and legacy. They offer a place to share memories, stories, and pay tribute, creating a lasting digital memorial that can be visited by friends and family from anywhere in the world. It all totals up to a lasting, comprehensive, and hassle-free digital legacy.
Work With Digital Asset Experts
In some circumstances, you might need to engage a digital expert to assist with your digital asset inheritance planning. Complex assets such as digital copyrights, patents, and in-game assets may require specialized knowledge to handle appropriately.
With meticulous password management, regular inventory updates, and the engagement of digital experts when necessary, you can ensure your digital legacy is safe and accessible to your loved ones in the future.
In every step, we prioritize security and accessibility. We understand that while safeguarding your digital assets is paramount, it's equally important for your digital executor and loved ones to be able to access them when the time comes.
Our mission is to put you in control of your digital assets and identity, memorializing your digital legacy for all time. As you embark on your digital asset inheritance planning journey, we're here to provide the tools, support, and peace of mind you need.
Secure the Legacy You Leave Behind
Planning for your digital afterlife is crucial in this increasingly digital age. By taking proactive steps, you can ensure your cherished memories, creative works, and valuable accounts are handled according to your wishes, leaving behind a lasting and meaningful legacy for future generations.
As you navigate the complexities of the digital age, preparing for your digital afterlife is an essential aspect of comprehensive end-of-life planning. By embracing this new frontier, you can ensure your online presence reflects your values and intentions, leaving a legacy that transcends generations.
Start shaping your digital legacy today. It's easier than you think, and it's a gift for yourself and your loved ones. Remember: your digital story matters, and Eternal Me is here to help you tell it the way you want — forever.
Monday, October 7, 2024
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