Five Key Steps for Managing Your Digital Assets

These days it is just as important to plan for what will happen to your digital assets as it is for your other assets. This is because many individuals do not realize that the accounts and passwords they currently have may not easily be accessible by their loved ones after they pass away. Thankfully, you can follow the five steps below in order to accomplish your digital asset estate planning.

Step #1: Make an Inventory of All Your Digital Assets

This includes items like hardware, online accounts, work information, file structures, and software.

Step #2: Get the Help That You Need

You want to think about who will be looking into your digital assets and accounts after you pass away. You may need to make sure that they have access to relevant password protection, for example, so you want to select somebody you trust.

Step #3: Make Sure They Have Access

You need to put down PIN numbers and passwords in a safe place and notify the appointed individual as to where he or she can find these materials when necessary.

Step #4: Give Clear Instructions

There are several areas where your survivors may appreciate instructions that you give, including whether or not you wish to continue or close certain sites and whether or not you’d like to continue receiving notifications on social media sites, for example.

Many individuals now digitize numerous kinds of important details like videos, photos and documents. You might want to identify which items are not to be deleted in the event that they are passed on to your beneficiaries.

Step #5: Ensure Appropriate Authority

You may need to make an appointed individual a co-trustee, a co-attorney in fact or a co-executor. It’s a good idea to work with an estate planning attorney who is experienced and knowledgeable about digital estates as well.