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Simple strategies for drafting an effective digital estate plan

After having drafted their wills, named their estate executors, and created trusts for children and grandchildren, many Arizona residents mistakenly assume that they’re done planning their estates. However, in reality, there’s always the final task of organizing digital assets and determining exactly how these will be handled.

Understand what your digital assets include

Digital assets can have both monetary value and none at all. When listing these, you’ll want to include things like the digital wallets you frequently use and any online banking accounts that you’ve established. You should also list download destinations and all your social media accounts. This way, you can determine how these accounts will be accessed and managed after you’ve passed.

Ensure access by saving usernames and passwords in a secure place

Next, you’ll need to record and safely store login information, such as your usernames, passwords and account retrieval information. If you want your social media accounts closed or your digital assets disbursed, this information will be necessary for meeting your demands. One of the safest ways to store this important and highly confidential data is by putting the list you compile in a safety deposit box. If you choose to get legal help with the estate planning process, you can always ask for additional strategies for safely saving this data.

Name an executor of your digital assets

Choose an impartial and reliable person to be your digital executor. This individual will be responsible for closing or managing accounts, distributing digital financial assets and making any asset-related announcements. To empower your digital executor, you should be sure to give this person power of attorney specifically for your digital accounts. When drafting your digital estate plan, be sure to create and save both digital and physical copies.

In an increasingly digital world, assessing digital assets and allocating responsibility is currently an important part of end-of-life planning. Although these measures are easy to overlook, the information and financial holdings you have online could represent a significant part of your worth and after-death considerations. When digital assets are substantial, getting legal help is often the best choice.