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Digital Estate Planning: What Happens to Your Online Accounts After You Die?

digital estate planning

What is Digital Estate Planning? Why Does it Matter?

Ever wonder what happens to your email, social media, other digital accounts and digital assets after you die? Is it possible there’s a digital heaven where all aspects of your digital life go?

Some people call that the Cloud!  The truth is that many digital accounts contain important information and valuable assets that can be protected, passed on to loved ones, and managed as part of one’s legacy. But they must be part of a properly planned digital asset account or they could be completely inaccessible and forever lost.

Almost everyone these days has at least one email account. Most have several social media accounts. And it is becoming more and more common for people to have crypto-currency financial accounts. When an owner dies, different things happen according to the account.

For instance, in most states, the Revised Uniform Fiduciary Access to Digital Assets Act applies, which gives legal representatives access to online accounts if the deceased person provided consent. In some instances, the terms and conditions of an account may state that it will be closed after death. Each account provider has its own policies for managing accounts after death. For example, Facebook allows users to add a legacy contact, and Google allows users to set an inactive account manager.

The Importance of Digital Estate Planning

As the digital world continues to grow and the value of accounts grows, new laws emerge that take into consideration the need for loved ones to access accounts when the owner dies. It is now a common practice to include digital asset planning as part of traditional estate planning.

Millions of dollars have already been lost in digital accounts when the owner has suddenly died and left no way for loved ones to access accounts. That is truly a form of digital hell.

When you consider what can be purchased and kept in digital accounts, the value adds up. For instance, music, books, and movies are accessible to owners forever once purchased. But if passcodes and permission to access these accounts are not properly set up, they are worthless. An experienced estate planning attorney can help create a digital asset protection plan as part of your overall estate plan.

Social Media Accounts

Social media accounts contain contacts that can prove valuable long-term. Every social media account has its own policies for managing accounts after death. To avoid the need to contact each service provider after you die, if you’re not ready to create a legal digital estate plan, you can create a pre-death plan for how to handle your online accounts.

Some things you can do include:

  • Set up emergency access.
  • Designate trusted contacts who can request access to your accounts.
  • Download photos.

Other Digital Accounts

As a protective measure, I suggest getting a password vault/information management account such as LastPass, and others. You can safely store all passwords for your digital accounts as well as other important information that you wouldn’t want to fall into the wrong hands. This method of storage is safer than writing passwords down and forgetting where you’ve written them or with whom you’ve shared them.

When it Comes to Digital Estate Planning, Plan Ahead

What happens to your digital accounts after death will depend on what you plan for their protection and distribution before you die. Creating an estate plan that includes a digital estate plan will ensure that your loved ones will have a heavenly experience instead of being subjected to digital hell. To get started with your estate plan, give my office a call today at (470) 235-7868.

   

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

 

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