In today’s digital world, almost everyone leaves a virtual footprint that goes beyond the physical world. From emails and social media accounts to digital music and video collections, these are all part of your digital assets. But what are digital assets and why should you consider them in your estate plan? Let’s break it down in simple terms.
What Are Digital Assets?
Digital assets are any piece of content or an online record that you own or have rights to. This includes files stored on digital devices like your computer, smartphone or in the cloud. Examples are photos, videos, emails, social media accounts, online banking accounts and even cryptocurrency. It also covers domain names and virtual property in online games or virtual worlds.
Why Include Digital Assets in Estate Plan?
1. Access and Control
After passing, your loved ones may need access to important documents or want to preserve family photos and videos stored online. Including digital assets in your estate plan ensures that the right people have the necessary access and authority to manage these assets according to your wishes.
2. Financial Value
Some digital assets hold financial value. For example, a domain name could be worth a significant amount, or your online business profiles could be crucial for ongoing business operations. By including these in your estate plan, you help ensure they are not lost or overlooked.
3. Identity Protection
Digital assets can also include sensitive information. Your social media accounts, for example, contain personal details that need protection. By planning who can access and manage these accounts, you can help prevent identity theft and protect your digital legacy.
4. Sentimental Value
Many digital assets carry sentimental value. Family videos, photos shared via email or creative work like blogs and novels deserve preservation. Including them in your estate planning helps preserve and pass them on as you intend.
By taking the time to incorporate digital assets into your estate plan, you ensure that your entire legacy—both physical and digital—is handled according to your wishes. It’s a simple step that protects your online life and provides clear guidance to your loved ones during a difficult time.
