Many people have accounts online — from email accounts to banking, you likely are subscribed to a variety of sites. With so much of your life taking place online, what happens to your accounts when you are no longer there to manage them?
It’s important to plan for these digital assets to prevent any financial or sentimental losses. While laws and regulations around data and digital assets are still developing, there are succession planning steps you can take to prepare now.
How to Start Digital Estate Planning
- Take inventory of your digital assets, including account names, usernames, and passwords. You will also want to ensure your assets are up-to-date.
- Decide how you want your digital assets handled.
- Ensure your accounts are password protected and terms-of-service agreements are buttoned up.
- Pick a digital executor who you entrust to carry out your wishes for your digital assets.
What to Consider
- Your digital assets may include things like social media accounts, credit card accounts, or online store accounts.
- Organizing your digital assets now can help your loved ones and executor better manage your estate.
- Without digital estate planning and clear directions, it can be difficult for loved ones and your executor to access your accounts when you’re no longer here or able to manage them.
A qualified attorney can help you sort through your options and identify a plan. Reach out to your Federated® marketing representative for a referral to a member of Federated’s nationwide network of independent and experienced attorneys.
