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Digital Assets: Protecting Your Legacy in the Digital Age

Digital Assets: Protecting Your Legacy in the Digital Age

June 06, 2023

As high net worth individuals, you understand the value of your assets. But have you considered your digital assets? In today's digital age, they are just as important and should be protected with just as much care as your physical assets.

Digital assets encompass a wide range of electronic records and files stored online, on mobile devices, and personal computers, from email and social media accounts, online banking and subscription-based accounts, to photos, chatroom accounts, and even cell phone apps. While it may seem overwhelming to keep track of all your digital assets, it is crucial to do so in order to safeguard your legacy and protect your loved ones from the added stress that arises from navigating an extensive probate court process.

But it's not just about protecting your digital assets for the future. The rise of cryptocurrencies and blockchain technology has opened up new opportunities for investments and ownership. It's important to stay informed on the latest research and events in this field to take advantage of these opportunities.

To create a comprehensive digital estate plan, here are four steps to follow:

1. Take Inventory of Your Digital Assets

Start by creating a master list of every online account in your name, noting the username and password associated with each account, and taking note of answers to commonly asked security questions.

2. Allocate Access to Your Digital Assets

Determine how your digital assets will be distributed. Decide which assets you want saved, erased, or allocated to certain friends and family members, and grant access to income-generating assets and online accounts pertaining to your personal business to a chosen business partner.

3. Appoint a Digital Executor

Once you’ve decided how you want your digital assets distributed, you’ll need to appoint a digital executor. This person will be responsible for carrying out your digital estate plan and ensuring that your wishes are met. It’s important to select someone you trust, who understands how to manage digital assets, and who is willing to take on the responsibility.

4. Secure Your Digital Estate Plan

The last step in creating your digital Estate Plan is to ensure that it’s legally binding and secure. It’s important to work with a lawyer who understands the complexities of digital assets and can help you create a legal document that outlines your wishes. You’ll also want to store your digital estate plan in a secure location and make sure that your digital executor knows where to find it when the time comes.

In conclusion, protecting your digital assets and online legacy is just as important as protecting your physical assets. By taking the time to create a digital estate plan, you can ensure that your loved ones are taken care of and that your legacy is preserved. So, take inventory of your digital assets, allocate access, appoint a digital executor, and secure your digital estate plan today. Don’t wait until it’s too late. Remember, your digital legacy is just as valuable as your physical one. Contact us if you need help reviewing your digital estate plan.