You might think that if you have a will or trust ready before you die, then all is good. But, believe it or not, if you don’t have a “digital estate plan,” your online footprint – email, social media, cloud storage, etc. – could live on forever.
But if you don’t, don’t feel bad because you’re not alone, especially if you’re a senior. According to a recent study by Trust & Will, 74% of millennials appointed a digital executor in their estate plans, but a recent Trend Micro Pulse survey found that 89.9% of people 65+ are completely unaware of digital legacies.
If you don’t have a written plan in place, all sorts of things could snowball, starting with your heirs or caretakers not having log-in credentials to access your online accounts.
And if those accounts can’t be accessed or left twisting in the wind, the possibility exists that any sensitive information or data you have online or in the cloud could wind up in the wrong hands.
Alternatively, if there’s disagreement among those put in charge of your estate, a digital estate plan can help clear up any confusion and make sure any sensitive information stays in the hands of the ones you entrust it to.
While you still have time, be proactive
You have choices. You could certainly leave your digital legacy to fate; hope an heir is willing to take this task on by doing what Google, Microsoft, Amazon, Apple, and Meta require.
Or you could use the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) which gives trustees the right to access and manage digital assets after the owner's death or incapacity.
Take inventory: Create a comprehensive list of your digital assets: online accounts, websites, photos stored online, social media profiles, and other stored files.
Then, document login credentials, passwords, and security questions for each asset. Mitchell suggests using a password manager to organize and encrypt this information.
Allocate access
Allocate access: Provide clear instructions on how you want your digital assets and online accounts handled.
Appoint a digital executor: Just you would with a “normal” will, designate an executor(s) for your digital estate plan – someone you trust to carry out your wishes for your digital assets.
Make it legal and secure: The last step in legitimizing your digital estate plan is to secure your information and turn it into a legally binding document. Or, at minimum, formalize it by making a note in your will or making it an addendum to your will.
Photo Credit: Consumer Affairs News Department Images
Posted: 2023-12-18 11:52:29
