You’ve meticulously crafted your will, neatly sorted your tangible assets and securely included them in a well structured estate plan. But, as many of us have discovered, the world has evolved into a digital realm filled with a different kind of wealth — your digital presence.
It’s a vast landscape of accounts, files and memories that your heirs may find challenging to navigate without the proper guidance.
How to create a digital inventory for your estate plan
1. The digital directory – list all digital accounts
First and foremost, gather your digital assets.
Create a comprehensive list of all your digital accounts, including:
- email accounts
- social media profiles
- financial accounts
- cloud storage services
- subscription services
- any other digital memberships or assets.
Develop a detailed inventory of each account complete with usernames and passwords.
2. Secure storage – store your passwords safely
Now that you have your list of digital accounts, it’s time to secure your digital keys. There are various password management tools that can help you keep track of your account information. Utilise one of these trustworthy tools to store your account information securely.
Ensure that your executor or a trusted loved one knows how to access this information, but only when the time is right.
3. Identify your digital assets
Your digital legacy encompasses more than just account access. It includes the wealth of data you’ve accumulated. This may include:
- personal photos
- videos
- important documents
- anything else stored digitally
Clearly specify what you consider valuable and indicate where these digital assets are stored. If you’ve left a family video collection on your computer or cherished photos in the cloud,
make sure your map marks the location.
4. Manage your social media
Social media profiles represent a unique part of your digital legacy. Specify your preferences for handling your online presence after you’re no longer here.
Whether you’d like your accounts memorialised, deleted or transferred to heirs, make your wishes clear.
5. Appoint a digital executor
Similar to designating an executor for your physical assets, appoint a digital executor to oversee your digital legacy. This individual should be tech-savvy and trustworthy, capable of managing your digital affairs in accordance with your wishes.
Ensure they have access to the list of accounts and passwords as well as knowledge of your specified digital assets.
6. Keep your digital inventory up to date
In the ever evolving digital landscape, it’s crucial to maintain an updated digital inventory. Whenever you create or close a digital account, change a password or decide to store a new digital asset, ensure your digital plan reflects these changes.
Regularly review your digital plan to ensure it aligns with your current wishes.
With your digital inventory securely organised you can rest assured that your digital legacy will be preserved and managed as you desire.
Preparing for the digital age in your estate plan is not only practical but can save your heirs from the confusion and frustration of navigating this brave new world.
So embark on this digital journey knowing that you’ve taken a significant step in creating an estate plan that truly encompasses all your assets, both tangible and digital.
As always we are here to help with these important decisions.
Reach out anytime.