Whether you realize it or not, you probably have digital assets. If you’ve ever signed up for a simple email account, or social media profile, you’ve left an online imprint with identifying information. The management of digital assets can seem like a legal grey area because inheritance laws haven’t quite caught up with our new tech world. But there are some steps you can take to protect your digital assets.
What is considered a digital asset?
Developments such as cryptocurrency, and apps like Venmo, have made online banking commonplace, but digital assets aren’t limited to finances. Rather, your digital assets refer to any personal information you access on the web, or store in the cloud. For example, subscription services, stored photographs, and Facebook content. If something happened to you, who would be able to access your business website or share saved Google Photos with your family?
Steps you can take now
1. Consult with an estate lawyer
An attorney that focuses on estate planning will be aware of the most recent laws and can help you determine how best to protect your digital assets. This may include a letter of instruction that explains your accounts, and how to log in, as well as your final wishes for their management.
2. Get Organized
Organize your accounts, usernames, and passwords. There are password managers available, such as LastPass, that remember all your access information, so you don’t have to. You only need to keep track of the “master password.”
3. Purchase an External Hard Drive
An external hard drive is useful for storing photographs and important documents that you want made available to your loved ones. The hard drive plugs into your computer and will need to be updated periodically to remain current.
It’s risky to leave your digital assets in limbo once you’re gone. From the ownership of domain names to your Twitter account, deciding what to do with your digital trail can be time-consuming. If you need to update, or create a new will, Lewman Law can help. Contact us today to begin the process of protecting your digital assets.