When you write a will, you usually think of passing down money, heirlooms, and property to your loved ones when you pass away. However, with so many of our assets now being online, the purpose of your will should go far beyond protecting physical assets. A digital will can help protect your online presence.
What is a digital will?
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In addition to the usernames and passwords to your digital assets, a digital will is a document that tells your loved ones how to handle your digital presence and assets after you pass away. Digital wills can include the usernames and passwords to your digital assets and who you choose to take responsibility for the account.
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Digital assets in a traditional Will
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The question of who owns what in digital environments is quite tricky. Digital assets include social media, email, blogs, URLs, and many other types of assets. All the property you own, you can distribute through a valid will or trust. However, the question of who owns what in digital environments is quite tricky.
Your ownership of this media after death will depend on the terms of use agreement when you sign up for the online service. For example, when you sign up for Facebook, you will be able to designate a legacy contact, and that person will be responsible for maintaining your account after you are gone.
There is no doubt that it makes sense to leave usernames and passwords to loved ones, but it’s just not as simple as that if you consider the terms of the license agreement. Of course, the biggest question is whether you actually own the asset or if it’s just a license during your lifetime.
How to prepare a digital will
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As soon as you decide to transfer rights to assets such as a domain name or a website, you should make sure that these assets are accounted for in your formal will. Here are a few steps to help you create your digital plan:
1. Make a list of your digital assets
Create a list of your digital accounts, including social media, online services, email accounts, blogs, and photo-sharing platforms. You also need to keep in mind that you should include any accounts that automatically withdraw funds from you.
2. Create your digital will
You may want your Facebook page memorialized, but you want to delete your LinkedIn profile permanently. Make sure to select someone you trust as the executor of your digital assets. In your digital will, outline what you want to happen with each account. For example, you may want your Facebook page memorialized, but you want to delete your LinkedIn profile permanently.
Where to store your digital will
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There is only one way a will can be effective if your executor knows where to find it, regardless of whether it is a traditional will or a digital will. A digital register, for instance, can be used in some states to record your accounts, usernames, and passwords, as well as requests to permanently delete or close your online accounts.
A username and password are not transferable between most online services, however. The risk of your loved ones not gaining access to your digital accounts and passwords can be mitigated by you storing them in encrypted password management software that can be accessed by someone you have designated after you die.
As part of the instructions to your executor when you are going to make your will, you should make sure that your executor or loved ones understand how to access the safe box. If you store the instructions in a safe box, make sure your executor or loved ones know how to access the safe box. To Find your local financial advisor visit Bhalla Insurance & Investment Services which is the best investment advisor near me.
Protect your digital accounts
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It’s important for you to determine whether you own your online digital accounts. It’s up to you to determine whether you own those assets, if the platform allows you to nominate someone to take over your account, or if you’re able to pass it on after you pass away.
When you include your loved ones in a digital will with clear instructions, they may feel like an asset because they aren’t physical, but it can help ease the burden on your loved ones during an emotional time. Learn more about
how to start making your online will.
Disclaimer: The content of this blog is intended to provide information on a broad range of topics. It is not intended to replace the advice you receive from your legal, financial, investment strategies, accounting, or tax professionals. Contact the best investment advisor near me for your financial planning services and financial advice.