Ensuring that your digital assets are included in your estate plan is an important aspect of modern estate planning. Here's a step-by-step process and the documents that can help you organize and manage your digital assets:
1. Identify Your Digital Assets:
Create a comprehensive list of your digital assets, including:
Online accounts (email, social media, banking)
Digital files (photos, videos, documents)
Cryptocurrency holdings
Domain names
Subscriptions and memberships
2. Document Access Information:
Store and update a document with detailed information on how to access each digital asset, including:
Usernames
Passwords
Two-factor authentication details
Security questions and answers
3. Choose a Digital Executor:
Designate a digital executor or include digital asset provisions in your will or trust. This person should be someone you trust to manage your digital assets in accordance with your wishes.
4. Consider Legal and Platform-Specific Terms:
Be aware of legal and platform-specific terms related to digital assets. Some online platforms may have specific policies regarding access and transfer of accounts after the user's death.
5. Create a Digital Assets Addendum or Letter of Instruction:
Draft a digital assets addendum or a letter of instruction to accompany your will or trust. This document should provide guidance on how to locate and manage your digital assets. Include instructions for accessing the master document with login credentials.
6. Use Online Password Managers:
Consider using a secure online password manager to store and manage your login credentials. Share the master password and account information with your designated digital executor.
7. Review and Update Regularly:
Regularly review and update your digital asset plan to account for changes in your online presence, new accounts, or modifications to passwords.
Digital Assets Sample
*Please note that Encore's documents cover digital assets in both will and trust-based estate plans - this type of letter can be a sample for clients with significant digital assets.
I, [Your Full Legal Name], appoint [Name of Digital Executor], residing at [Digital Executor's Address], as my digital executor. This individual is authorized to access, manage, and distribute my digital assets in accordance with the terms outlined in this document.
Inventory of Digital Assets: I have compiled a comprehensive list of my digital assets, including but not limited to:
Email Accounts:
[List of Email Accounts with usernames and passwords]
Social Media Accounts:
[List of Social Media Accounts with usernames and passwords]
Financial and Banking Accounts:
[List of Financial and Banking Accounts with usernames, passwords, and any two-factor authentication details]
Cryptocurrency Holdings:
[Details of Cryptocurrency Holdings with access information]
Digital Files and Storage:
[Information on Digital Files, Storage Accounts, and access credentials]
Domain Names:
[List of Domain Names with registrar information and access credentials]
Subscriptions and Memberships:
[Details of Subscriptions and Memberships with access information]
Instructions for Digital Executor:
Accessing the Master Document:
The master document containing additional login credentials, security questions, and any updated information is stored at [Specify Location]. Digital Executor should access this document for comprehensive information.
Managing Online Presence:
Digital Executor is authorized to manage and close any online accounts, subscriptions, or memberships as deemed necessary.
Digital Files and Content:
Digital Executor may access, copy, or distribute digital files, photos, videos, and documents in accordance with my wishes and instructions.
Duration and Termination: This appointment of the Digital Executor and the authority granted herein shall remain in effect until [Specify Duration or Termination Event], at which point the authority shall terminate.
Revocation: I reserve the right to revoke or amend this appointment at any time and in any manner, including but not limited to the creation of a subsequent document.
I have executed this Digital Assets Addendum as of [Date].
[Your Full Legal Name]
[Signature]
[Date]