Your estate plan helps you plan for the future and dictate who will receive your assets after you die. But many people have yet to start the formal estate planning process.
According to a survey conducted by Caring.com, approximately 33% of Americans have put together an estate plan. And even fewer may have accounted for digital assets in their plans. The following can help you include digital assets in your estate plan when you begin this legal process.
Create a comprehensive list
Sit down and create a list of all the digital assets in your possession. Include all your important passwords, digital property, which can include domain names and money transfer apps, and online account information, which may include social media accounts and email.
Explain where you keep related information
Let someone know where you keep this list of digital assets. You should also keep it in a safe yet accessible place, so you can update it as the years go by.
Back up your data
If you store some of your digital assets in the cloud, consider backing them up onto a storage device or a local computer. This way, your fiduciaries and family members can get to them with fewer obstacles after you die.
Remember that you may own more digital assets than you think you do and keep in mind that digital assets can include everything from blog content and digital photos to Bitcoin, domain names and non-fungible tokens. Update your list of digital assets regularly to ensure it reflects what you own at any given moment.