Your Digital Inventory
Include your digital footprint in your estate planning.
As technology has become an integral part of our daily lives, the importance of having a digital estate plan has grown. As a result, it is important to consider who has access to your online accounts and how your accounts will be handled in case of incapacitation or death.
The term "digital asset" refers to a variety of electronic records and files that can be stored online, on a mobile device, or on a personal computer. Your digital estate plan should include information regarding anything you keep a digital record of.
To clarify further, a digital asset can include any of the following:
- Email accounts
- Social media accounts
- Online banking accounts
- Online subscription-based accounts
- Ecommerce or marketplace accounts (i.e. Amazon, eBay, etc.)
- Photos saved online or in the cloud
- Online chatroom accounts
- Cell phone apps
- Online dating or gaming accounts
- Online accounts for utilities
- Loyalty program benefits (i.e. frequent flyer miles, credit card perks, etc.)
- Any other personal information you store on your computer, cell phone, or tablet
Having a digital estate plan will relieve your loved ones from the added stress of managing someone's finances. Your family can rely on a written plan that outlines the passwords for your digital assets as well as how those assets should be managed, so they don't have to navigate the probate court process and will be able to access information like financial documents and insurance documents.
The steps outlined in K-State Research and Extension's Digital Estate Planning publication will help you to incorporate your digital footprint into your estate planning and provide some peace of mind.
Digital Estate Planning, K-State Research and Extension Publication MF3591, available at http://bookstore.ksre.ksu.edu/pubs/MF3591.pdf