In today’s increasingly digital world, more and more of your life is likely “lived” online. As such, when you pass away, your loved ones will not only need to worry about your “traditional” estate – including your physical property – but also your digital estate.
An individual’s digital estate generally encompasses a wide range of assets that hold both personal and financial value. Protecting these assets through comprehensive estate planning is going to be important for your legacy, for your loved ones and your own peace of mind.
Addressing your digital footprint when estate planning
In death, as in life, unprotected digital assets are vulnerable to identity theft and fraud. Hackers can exploit unattended online accounts, leading to unauthorized transactions and potential financial loss. By securing your digital estate, you can better ensure that your personal information, financial data and sensitive documents – in addition to your identity itself – are protected from cybercriminals.
Additionally, if your digital accounts are not properly managed, your loved ones may face significant difficulties accessing important information and funds. Protecting your digital estate can help to ensure that your family can seamlessly access and manage your digital assets without unnecessary delays or legal hurdles once you’re gone.
Finally, failing to address your digital estate can lead to legal complications and disputes among those left behind. Different platforms have varying policies regarding account access and transfer after death. By proactively including your digital assets in your estate plan, you provide clear directives that can prevent potential conflicts and legal issues.
Protecting one’s digital estate is an integral feature of modern estate planning needs. As such, if you haven’t yet taken steps to secure yours, it’s time to take action.