Have you protected your digital assets? Many of us increasingly run our lives ‘online’.
We all manage multiple email accounts, and while administrators can generally restore company accounts, your personal Gmail, Yahoo, or Hotmail account is a different story.
Does anyone know your password?
Will your loved ones need to access it?
Do you have an online only bank account or use online investment platforms?
Do you have an apple-id?
How about an investment in crypto?
Is your personal laptop password protected?
Does your iPhone have a passcode?
Safeguarding your digital assets involves planning ahead to ensure they are properly managed and transferred according to your wishes after your death. Here are several steps you can take:
1. Inventory Your Digital Assets
- Identify Digital Assets: Make a list of all your digital assets. This includes online accounts (email, social media, financial accounts, etc.), digital files (photos, documents, videos), and digital currencies (cryptocurrencies).
- Account Information: Document usernames, passwords, and security questions/answers for each account. Consider password protecting this file or locking a note book in a safe.
2. Use a Password Manager
- Centralised Access: Use a password manager to store and manage your passwords securely. Ensure it has an emergency access feature that allows a trusted person to gain access in the event of your death and make sure that person knows!
3. Designate a Digital Executor
- Legal Appointment: Appoint a trusted person as your digital executor in your will. This person will be responsible for managing and distributing your digital assets according to your instructions. You might want to store a sealed letter to them alongside your Will.
- Authorisation: Provide clear authorisation and instructions in your will to ensure your digital executor has legal access to your digital assets.
4. Create a Digital Estate Plan
- Instructions: Outline detailed instructions for managing each type of digital asset. This could include deleting certain accounts, transferring ownership, or downloading and sharing specific files.
- Access Information: Ensure your digital executor knows where to find the access keys and other essential information and how to use it.
5. Use Online Tools and Services
- Legacy Contact: Use features offered by online services, like Facebook’s Legacy Contact, Google’s Inactive Account Manager, and Apple’s Digital Legacy program, to designate who can access your account after you pass away. Without this your loved-ones may be permanently locked out of your accounts and devices.
List your ID credentials, including your email address, password, and any security questions. Store this information securely
- Backup Services: Regularly back up important digital files to a secure location, such as iclous, and ensure your digital executor knows how to access these backups.
6. Store Your Will and Instructions Securely
- Safe Storage: Store your will, along with any digital asset inventory and instructions, in a secure, accessible location. This could be with your solicitor, in a safety deposit box, fireproof lock box or safe or with a trusted person.
- Regular Updates: Regularly update your will and digital asset instructions to reflect any changes in your assets or account information.
7. Legal and Professional Advice
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Consult Professionals: Seek advice from a solicitor or digital expert to ensure your plans are legally sound and comprehensive.
- Review Laws: Be aware of relevant laws and regulations regarding digital assets in your jurisdiction, as they can vary widely and may change over time.
8. Communicate with Loved Ones
- Discuss Plans: Inform close family members and your digital executor of your plans and where they can find necessary information.
By taking these steps, you can help ensure that your digital assets are managed and transferred according to your wishes, minimising the risk of loss or mismanagement after your death.
360 Law Services can assist you in safeguarding your digital assets by providing expert legal guidance on creating a comprehensive digital estate plan. We will help you inventory your digital assets, designate a digital executor, and draft legally sound instructions to ensure your wishes are followed after your passing. In addition, we provide personalised advice on utilising online tools and services, ensuring that you protect and manage your digital legacy according to your preferences. With 360 Law Services, you can therefore have peace of mind, knowing that your digital assets are in capable hands.
