Digital Assets
/As an older member of the Millennial generation, I can remember a time when home computers, the internet, cell phones, and robots that clean our homes were all just really cool ideas on The Jetsons (one of my favorite childhood TV shows). These days, however, most of us cannot imagine being without our devices or staying connected via emails and text messages. If you are like me, you probably also have years of photos you have taken on your cell phone that are currently stored in the cloud. Something you may not have thought about though, is what happens to those digital assets when you die.
While you probably have financial assets you want to pass onto your heirs, you also most likely have digital assets that will need to be addressed at your death. As well, as technology continues to develop and change, the amount of digital assets you own may continue to grow. Currently, digital assets include things like your social media accounts, web domain names, online business accounts (like Amazon or Poshmark), cryptocurrency, videos or pictures stored in the cloud, and even your email account and text messages.
To be sure your digital assets are treated in the way you would like when you can no longer manage them, you will need to address these in your estate planning documents like your durable power of attorney and your will. If you do not already, begin keeping a list of your login credentials and passwords, which can also serve as your list of digital assets. Be sure to keep this list private and secure but let your named power of attorney or executor know it exists and how to access the information. Check your social media accounts to see if they will allow you to name a legacy contact or automatically shut down your account when you die. Most importantly, know that going through the trouble to be sure your digital assets are not overlooked or forgotten will make it so much easier on your loved ones and ensure you have a choice in how you want these items handled.
- Margaret Gooley, CFP®, CDFA®, Worley Erhart-Graves Financial Advisors
