Your digital assets will be inherited one day. It's good to keep them in order

It's very likely that you've never even considered the need for digital estate planning. But you have certainly been in a situation where you forgot the password for a website that you almost never visited, forgot the answer to the security questions and also forgot the password for your old email linked to that website.

The frustration of not being able to access our own account because of this vicious circle is typical of the digital age. However, we rarely think about an even more unpleasant problem: How will our family members have access to our online accounts and assets if they don't know our login information and we aren't there to answer the security question?

Estate planning should not only serve to protect material assets. Here's how to create a digital estate plan that will allow your loved ones to access your assets online.

WHAT ARE YOUR DIGITAL ASSETS?

The ideal is to start with an inventory of all the assets, records or files that you have and that are stored online, whether in the cloud, on a mobile device or on your personal computer. These goods may include some or all of the following types:

▪ Email accounts: Make a list of them all, including that Yahoo account you only use to sign up for promotions.

▪ Social media accounts: You may even care more about your LinkedIn account than your Instagram profile, which you almost never access, but it's important that your loved ones know about them all.

▪ Bank accounts: Would anyone know that you have 100% digital savings if your statements are sent to your email?

▪ Benefits of loyalty programs: may include credit card miles and points, which may or may not be transferable, depending on the program.

▪ Cryptocurrency wallet: If your family doesn't have your wallet key, any cryptocurrencies or NFTs you have will be lost forever.

▪ Internet domains, blogs or websites owned by you: your family may want to sell these assets.

▪ Photos, videos and other data stored in the cloud: Without access to the cloud, your family could end up losing these important files.

INCLUDE YOUR DIGITAL DEBTS IN THE LIST

Although your digital assets are part of what you want to leave to your family, you will also have to inventory any digital debts. They may include:

▪ Accounts on credit and debit card payment platforms: for example, access to Apple Pay or PayPal account.

▪ Accounts on dating or gaming apps: Even if you don't want them to know who you corresponded with or what games you played, your heirs will need to know all the accounts you have in order to cancel payments.

▪ Online subscriptions: Canceling your subscriptions will be much easier if your family knows about these bills.

▪ Shopping sites: include platforms such as Amazon and Mercado Livre.

▪ Online invoices from consumption bills: Figuring out which companies provide your internet and cell service can become a major headache for your loved ones.

HERITAGE IN THE DIGITAL AGE

Estate planning is already a complicated process, and the inclusion of digital assets and debts makes everything even more complex.

To make managing your digital wealth easier for your family, start by making an inventory of your digital assets and debts. This will help you understand what information your relatives will need to access their accounts, whether it's just login information or a specific process required by the service.

It is also a good idea to express in any will that your executor has permission to access your accounts, in addition to including a letter with the step-by-step instructions for obtaining this access.

Digital estate planning can take time and effort, but providing clear guidance about your digital assets is much better than making your family rack their brains trying to remember whether your first pet's name was Mokey, Mokie, or Moky.

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ABOUT THE AUTHOR

Emily Guy Birken is a journalist specializing in finance. find out more

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