Estate Planning For Your Digital Assets

When it comes to estate planning, it’s important to consider all of your assets. And, in an increasingly digital age, it’s especially important to consider your “digital assets” when you’re planning your estate.

It may seem daunting, but a little planning now can help ensure that your final wishes are carried out and your loved ones aren’t burdened with undue stress. Follow these tips to help guide you through the process of estate planning for your digital assets.

Inventory Your Hardware

Begin by making an inventory of your hardware. Many people use a number of different devices in their day-to-day lives, with important data stored in each of those devices. Tailor your inventory to your needs, but consider some of the following:

• Computers, laptops and tablets (including username and login information)
• Cellphones
• Digital cameras
• CDs, DVDs, flash drives, SIM cards, external hard drives and other devices that store data

In addition to making a list of the names and locations of all of your hardware, it could be helpful to your successors to map out the file structures of your data. Write out step-by-step instructions so your successors know how to navigate the file system on your hardware in order to access your important information.

Consider Your Online Assets

Next, consider your online presence in its various forms. Think about every site for which you’ve created a user profile and determine whether or not your successors will need to gain access. In doing so, be sure to log website names, URLs, usernames and passwords:

The list will vary, but be especially mindful of websites that store your personal information or banking information. Consider the following:

• Online backing accounts
• Shopping sites (e.g., Amazon, the Apple Store, eBay)
• Social media accounts (e.g., Facebook, Twitter, LinkedIn)
• Cloud-hosted email accounts (e.g. Gmail, Yahoo, Outlook)
• Cloud Storage (e.g., Dropbox, Google Drive)
• Organizational sites and apps (e.g., OmniFocus, Evernote, Pinterest)
• Subscriptions (e.g., Netflix, Audible, Hulu Plus, HBO Go)

Provide Access

Once you have an inventory of your digital assets, it’s important to provide your successors with access. You’ll want to choose someone you can trust to handle sensitive personal and financial information, as well as the task of carrying out your wishes.

Keep records naming that person and his or her responsibilities along with the rest of your estate planning information. Just because someone has your hardware or knows your passwords doesn’t mean that he or she is authorized to use them. State and federal laws may prohibit others from accessing or using your digital assets, so having proper documentation is essential.

Write Out Instructions

Once you’ve created an inventory of your assets and assigned the appropriate executor or trustee, you’ll want to document your wishes. It may seem tedious, but it’s important to take the time and to be detailed. After all, you wouldn’t want someone mistakenly selling or deleting important documents or photographs.

Planning for the Future

Estate planning may conjure unpleasant thoughts about death, but it’s important to plan now so that your wishes can be carried out and your loved ones and colleagues can continue on without undue stress.