What happens to your social media photos or online investments when you’re gone? In today’s world, your digital footprint is as important as any real-world asset. This online presence can include special memories, valuable investments and even your livelihood.
Protecting your digital legacy through proper estate planning isn’t just smart – it’s essential. Without proper planning, your loved ones might risk losing these assets forever.
Who can access your digital assets?
In 2018, Georgia passed the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which explains how to handle digital assets after someone passes away or becomes unable to manage them. It tries to balance three main concerns:
- Respecting the wishes of the person who owns the digital assets
- Protecting the privacy of the asset owner and their communications
- Providing necessary access to those managing the estate
This law also sets an order for accessing digital assets. First, it follows instructions from online tools like Facebook’s Legacy Contact or Google’s Inactive Account Manager. If these don’t exist, it uses directions from a will or trust. If neither exists, it follows the service agreement for the digital account.
How do you create a digital estate plan?
Starting a comprehensive digital estate plan typically includes the following:
- Write down all your online accounts: This includes email, social media, online banking accounts and investments, digital currencies (like Bitcoin) and intellectual property (blogs, digital art).
- Safely store account usernames and access instructions: Consider using a password manager or digital vault rather than including passwords in your will.
- Calculate the financial and personal value of your digital assets: Decide whether to transfer, keep or delete each after your passing.
- Choose a tech-savvy, trustworthy person to manage your digital assets. Explicitly grant them authority in your will, stating your wishes for different types of assets.
Creating a digital estate plan can be tricky. Keeping up with new online accounts and changing tech can be stressful, and some websites might have rules that do not match what you want. It can also be difficult to keep your info safe while allowing your executor access to it. Working with an estate attorney can help clarify and address many of these issues.
Your digital footprint is a part of your legacy
Digital estate planning can help ensure your online accounts and assets are managed according to your wishes, providing you with peace of mind as well as clarity for your loved ones.
