A considerable part of your life may now be online. Even if you do not use social media, you likely use email and perhaps access your bank accounts online.
So, it is almost certainly necessary for you to consider your digital life when planning for your physical death.
4 digital areas of life to consider
Sorting things out into one of these four categories can help you understand how to handle them:
Things that only exist digitally
Do you own NFTs, Bitcoin, or other digital-only assets? They can be worth an incredible amount of money, so it would be tragic to think your family cannot get hold of them when you are gone. Yet, that is exactly what happens in some cases. The security is so tight on many digital assets, that unless you make special provisions, no one will be able to access them.
Digital access to physical financial assets
If you use online banking or access your investments online, you need to give someone access after you die. There are ways to set this up so they only get that access once you pass, not before.
Digital communications with others
Have you ever come across a Facebook account of someone no longer alive? Some families decide to leave the account open as a celebration of the person’s life, especially if they died young. If you would rather your accounts die with you or that only a particular person can control them, you can set this out in your estate plan.
Things you have stored digitally
Have you uploaded photos from your digital camera to the cloud or paid to download music or movies? Someone might enjoy accessing these after you are gone, so ensure you provide access to avoid them being inaccessible.
With appropriate legal guidance, you can create a comprehensive estate plan that covers the physical and digital world as you move on to the next.
