In the past, people could set their estate plans based on their tangible assets, such as real estate. Now, people have to think about their digital assets so they can have a comprehensive plan.
Even people who don’t have digital assets with a monetary value need to look into others that might need to be included. This includes things like family photos and videos.
Make a list
Gather information about all the online accounts you have. Think about music services, email, social media, currency, money management or transfer programs and similar digital services. Additionally, consider places where you have media, such as family pictures and videos stored. Write down all these sites along with your username and password. Update it as necessary.
You may want to use a password manager so that your passwords are automatically updated. Keep this in a safe place but let someone know where to find it if something happens to you.
Set up documents
You may have to give legal consent in writing for digital providers to be able to give your account to the person you intend. Having these set up ensures that they won’t have to wage a lengthy and costly court battle to get the digital assets.
Having a comprehensive estate plan ensures that your assets are distributed according to your wishes when you pass away. Getting this done sooner rather than later is crucial since it enables you to prepare for the future. You can review the plan periodically to determine if you need to alter anything, so it reflects your wishes.