What are digital assets?
Do you have social media accounts, emails or photos on your phone? If you do, this means you are the owner of digital assets. Most people tend to think that digital assets are only a part of virtual currency such as crypto or bitcoin, however it includes far more than that. It consists of anything that can be stored virtually or digitally such as photos, documents and data. Access to your digital assets can be protected even after you pass away or become incapacitated if you are proactive. Therefore, it is important to know how you can “back yourself up” in the future to keep these digital assets intact and secure.
There are three things you need to do when it comes to protecting your digital assets. These include:
- Using a password manager to help inventory your digital assets.
- Utilizing legacy contacts, memorialization, or other tools offered by certain platforms.
- Meeting with an experienced Estate Planning attorney to help come up with a comprehensive plan that includes your digital assets.
Use a Password Manager:
The use of a password manager helps to store your digital assets in one place. This allows you to store your passwords and private information in a secure and inventoried method.
Utilize Tools for Platforms:
Most social media platforms provide you with tools to help take care of your account. For instance, the use of legacy contacts, memorialization or other features are offered on many of the platforms in use to plan ahead.
Meet with an Experienced Estate Planning Attorney:
Meeting with an experienced Estate Planning attorney is also a very important step to secure your digital assets along with all your assets. The attorney will provide you with information regarding your will, power of attorney and/or trust to form a comprehensive plan that will speak directly to your digital assets as part of a complete plan.