Planning Your Digital Legacy
We always encourage our clients to have an estate plan in place. An estate plan is fundamental to so many aspects of financial planning and family considerations. In today’s digital age, there is a relatively new wrinkle to the estate planning landscape.
While not a top-of-mind conversation, you may have wondered "What happens to my digital accounts when I die?" Each of us has mounds of data associated with us and just like our physical assets we have the ability to dictate what happens to that data.
The first step is to ensure provisions for digital assets are included in your estate plan and that you've designated who has the authority to care for your data.
Next, they will need access to your accounts. Cybersecurity best practice is to use a password manager. Many popular password managers have a feature for granting emergency access or access at death. It would also be helpful for a spouse or close family member to have access to your phone.
Some companies have created specific processes for these scenarios, and we've linked to more details below:
Google - Inactive Account Manager
Facebook - Memorialization & Legacy Contacts
This is a simple note about the importance of having a plan for your digital legacy, and is in no way complete! The bottom line is to think about this and plan now to ease the burden on your family & friends in the future. Please consider taking a few extra steps to ensure your loved ones have access to your important information.