Introduction to Digital Legacy Planning
In today's digital age, our online presence has become as significant as our physical assets. From social media accounts to cryptocurrency investments, digital assets form a substantial part of our lives and, consequently, our legacy.
Digital legacy planning involves organizing your digital assets and making arrangements for what happens to them after you're gone. This comprehensive guide will walk you through the essential steps to ensure your digital legacy is managed according to your wishes.
Why Digital Legacy Planning Matters
Without proper planning, your digital assets could be lost forever, causing both emotional and financial loss to your loved ones. Here's why digital legacy planning is crucial:
- Financial Value: Cryptocurrency, online banking, investment accounts, and digital purchases represent real monetary value.
- Sentimental Value: Photos, videos, emails, and social media posts contain precious memories for your loved ones.
- Practical Necessity: Bills, subscriptions, and accounts need to be managed or closed to prevent ongoing charges.
- Identity Protection: Unmanaged accounts can become vulnerable to identity theft.
Step 1: Create a Digital Asset Inventory
The first step in digital legacy planning is to create a comprehensive inventory of all your digital assets. This should include:
- Email accounts
- Social media profiles
- Financial accounts (banking, investments, cryptocurrency)
- Subscription services
- Online shopping accounts
- Cloud storage accounts
- Websites or blogs you own
- Digital purchases (music, movies, e-books)
- Loyalty programs with point balances
- Gaming accounts with in-game purchases or currencies
For each asset, record the website or app name, your username, the email address associated with the account, and any account numbers or identifiers. Do NOT include passwords in this inventory.
Step 2: Decide What Happens to Each Asset
For each digital asset, determine what you want to happen after you're gone:
- Transfer to heirs: Financial accounts, valuable digital assets
- Memorialize: Social media accounts that you want preserved as a memorial
- Archive and share: Photos, videos, or written content you want preserved and shared
- Delete: Accounts you want permanently removed
Step 3: Choose Your Digital Executor
A digital executor is someone you trust to carry out your wishes regarding your digital assets. This person should be:
- Technologically savvy
- Trustworthy and discreet
- Willing to take on the responsibility
- Likely to outlive you
Your digital executor may or may not be the same person as the executor of your will. In some jurisdictions, you can legally designate a digital executor in your will, while in others, this role may not be legally recognized but can still be practically implemented.
Step 4: Secure Your Passwords and Access Information
Your digital executor will need access to your accounts. There are several secure ways to provide this:
- Password Manager: Use a reputable password manager and provide your master password to your digital executor through a secure method.
- Digital Legacy Service: Services like Memento Mori Email allow you to store access information and messages that are only delivered to designated recipients after your passing.
- Safe Deposit Box: Store access information in a physical safe deposit box that your executor can access.
Step 5: Include Digital Assets in Your Legal Will
While your will shouldn't contain actual passwords or access credentials, it should:
- Reference your digital asset inventory and where it can be found
- Name your digital executor
- Provide legal authority to access, manage, or distribute your digital assets
- Include specific instructions for valuable digital assets
Consult with an estate planning attorney familiar with digital assets to ensure your will properly addresses these elements in accordance with local laws.
Step 6: Understand Platform-Specific Policies
Each digital platform has its own policies regarding account access after death:
- Google's Inactive Account Manager: Allows you to determine what happens to your Google accounts after a period of inactivity.
- Facebook's Legacy Contact: Lets you designate someone to manage your memorialized account.
- Apple's Digital Legacy: Enables you to name Legacy Contacts who can access your data after your death.
Review the policies for your most important accounts and take advantage of any built-in legacy planning features.
Step 7: Regularly Update Your Plan
Digital legacy planning isn't a one-time task. You should review and update your plan:
- Annually
- When you create new significant accounts
- When you acquire valuable digital assets
- After major life changes (marriage, divorce, birth of children)
Conclusion
Digital legacy planning is an essential component of modern estate planning. By taking the time to inventory your digital assets, decide their fate, choose a digital executor, and properly document your wishes, you can ensure that your digital legacy is handled according to your preferences.
Remember that the goal of digital legacy planning isn't just about asset management—it's about making a difficult time easier for your loved ones and ensuring that your digital life is handled with the same care and consideration as your physical one.
