Here’s how to preserve your digital assets and manage your legacy in cyberspace.
By Jennifer Chappell Smith
Millie, a content program about women and money, is licensed from Dotdash Meredith, publisher of Real Simple, InStyle, Investopedia, The Balance and more.
Talking or even thinking about dying often conjures images of funeral parlors and the reading of a will. But these days, it may also bring to mind lost digital images, inactive social media accounts and forgotten online stories and treasures.
Indeed, over the years you’ve probably built a pretty robust online presence—even if you don’t have active social media accounts. You’ve likely stored photos and data on the cloud, and there might also be personal blogs and digital assets like crypto accounts. These are all records of your existence, memories of your day-to-day life and digital belongings that shouldn’t be left floating around in cyberspace. Just like you’d leave behind precious items and assets to your loved ones through a will and trust, you should have a plan for your digital estate as well.
Here are some steps you can take.
Make a list (and update it often)
Before you can ensure your digital assets are secure and passed on safely, you need to figure out what they are. So make a complete inventory—we love a spreadsheet, just saying! Include everything from cloud storage systems (like Google Drive) and social media accounts to online subscriptions and digital music collections. If you sell online, don’t forget to include any stores you have in marketplaces like Etsy.
Be smart about password protection
Yes, you’ll want to note the logins and passwords for all the things on your list so your loved ones can actually access them when the time comes. But to protect against fraud and scams, store those passwords safely—perhaps in an online digital vault (just make sure you leave the password for that as well), or go old school and put them in a safe deposit box. If you have accounts set up with two-factor authentication, you’ll also need to outline how your loved ones can retrieve the code they need.
“I have my little black book,” says Glen Yale, a lawyer and founder of Yale Law Firm in San Antonio, Texas. “When I’m gone, my survivors will have access to all of it.”
Put your digital assets in your estate plan
When you’re working on your will or trust, include your digital assets, too. This is particularly important for cryptocurrency holdings (think Bitcoin, Ethereum or Dogecoin) and non-fungible tokens (NFTs). Because these are decentralized using blockchain technology, you need to include them in your estate plan, or it may be nearly impossible for your beneficiaries to access them.
“There should be standard language in every will that addresses digital assets, including cryptocurrency,” says Yale, who is also a member of the American College of Trust and Estate Counsel. Just like real estate property, other physical assets and savings and investments, crypto can be subject to probate, so having an estate plan in place will make things simpler for everyone involved.
Identify a specific person to help manage your digital footprint
Just as you appoint an executor of your will, consider naming a digital executor—either the same person or another trusted friend. Though Yale says not all states legally recognize the role of digital executors, it’s helpful to discuss your wishes with friends and family or leave a letter of instruction alongside your will expressing your wishes. Prep your designee to oversee your digital footprint, which may include canceling online bookings, managing online shops, keeping an eye on your blog page, distributing photos to family and friends, or looking after your memorialized Facebook profile (see below).
Use legacy planning tools on social and digital platforms
Many online platforms have ways to keep your digital presence alive long after you die. Facebook, for example, has a Legacy Contact page that allows your chosen loved one to pin a post about memorial service plans, change your profile picture, accept new friend requests and more. Instagram allows people to alert the platform of a user’s death so it can transform their account into a memorial account.
Apple will give a trusted contact access to your accounts if they present a “key” you’ve given them (along with your death certificate). And with Google’s Inactive Account Manager, you can have an alert sent to a chosen representative if you don’t use your account for a certain amount of time—as well as select various Google services you want that person to manage on your behalf.
Guard against criminal identity theft in your digital afterlife
Your digital executor can help ensure fraudsters can’t hack your personal information after you die, preventing unauthorized activity that could wreak havoc on your financial legacy before your survivors can close your estate. One way to do this is to have your designated buddy send a copy of your death certificate to one of the three credit reporting bureaus (Experian, TransUnion or Equifax) and ask them to add a “deceased alert.”
The one you send it to will alert the other two. It’s also a good idea to keep obituaries and any online posts relatively devoid of personal information (birthday, address, etc.), as this can be used by scammers to answer your password security questions.
Jennifer Chappell Smith is lifestyle and executive editor at Coastal Living magazine.
Three things to do
- Read More: Discover 5 estate planning tips for women.
- Learn More: About cryptocurrency with this comprehensive guide.
- Take Action: Watch a video about the importance of a legacy review to get your planning started.
