Digital Estate Planning

In an Online World, Securing Digital Assets Is Important

You may have a will clearly stating who inherits certain items upon your death. Your house, your car, your baseball card collection—it’s all there in black and white. But what about the rewards that have been accumulating on your credit card? Or the thousands of treasured family photos and videos on your Facebook account? What will become of those digital assets?

Because digital assets hold financial or sentimental value, they need to be part of your planning. A digital estate plan ensures your loved ones can access and manage your accounts, preserve memories, or shut down services properly after your death.

To help you get started, Eastex put together a free Digital Estate Planning Worksheet. It will help you get organized and determine what to include in your plan. Please keep in mind that these are only tips, not legal advice. You should work with an attorney or estate planner to finalize your wishes.

Take an Inventory

How many online accounts do you have—10, 25, more than 100? Many people are surprised at how many they have.

Some, like checking and savings accounts at your bank, are obvious. But others, like subscriptions to Netflix, Spotify, and online newspapers and magazines, need to be on your list, too. Then extend your inventory to include accounts for your utilities, insurance, and health care, services like Uber, and all your social media profiles.

Make a Plan

With your inventory done, it is time to organize your passwords. Avoid the temptation to keep that list in a notebook or a computer desktop document with an obvious file name. Consider using a password manager like LastPass to store your accounts and passwords in 1 location. Just remember to add a trusted person as an emergency contact.

Review each of your accounts to determine which ones allow you to add a legacy contact. This is someone you choose to manage your digital accounts after your death. Share your wishes with that individual.

Create a Digital Wall

Take this step to make your wishes part of your legal plan. Work with an attorney or use reputable estate planning software to include digital assets. Communicate this to your estate executor. Set reminders to update your digital will periodically.