In today’s world, our lives are increasingly digital. From online banking and investment accounts to photo libraries, social media profiles, and even cryptocurrency, much of what we value now lives in the cloud. Yet, many estate plans still focus primarily on physical assets and overlook this growing digital dimension.
What Are Digital Assets?
Digital assets include anything of value stored electronically such as:
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Financial accounts: PayPal, Venmo, cryptocurrency wallets, investment apps
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Social media: Facebook, Instagram, LinkedIn, and other profiles
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Online storage: Google Drive, Dropbox, and iCloud files
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Creative content: Blogs, websites, domain names, or monetized YouTube channels
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Personal files: Family photos, videos, and documents stored digitally
Without proper planning, your loved ones may struggle to access or even locate these digital assets after you’re gone.
The Hidden Challenges
Unlike physical property, digital assets are often locked behind passwords, encryption, or privacy laws. For instance, companies like Google and Apple have strict policies about releasing account information even to family members. Without the right authorization, valuable and sentimental digital property can be lost forever.
How to Protect Your Digital Life
Here are a few essential steps you can take today:
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Create an inventory of all your digital assets including usernames, passwords, and instructions for access.
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Designate a digital executor in your estate plan, someone tech-savvy and trustworthy who can handle your online affairs.
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Include digital asset language in your will or trust. This grants your fiduciary legal authority to manage and transfer digital property.
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Use secure password managers to keep login details safe and shareable when necessary.
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Review and update regularly as technology evolves so should your estate plan.
Why It Matters
Failing to plan for digital assets doesn’t just risk losing access to financial value, it can mean the loss of irreplaceable memories and important documents. Proper planning ensures your loved ones can honor your wishes and preserve your digital legacy responsibly.
Final Thoughts
Estate planning isn’t just about who inherits your home or savings. It’s about protecting your entire legacy, including your online presence. As technology becomes more intertwined with daily life, incorporating digital assets into your estate plan is not just wise it’s essential.
If you haven’t discussed your digital assets as part of your estate plan, the Davis Schilken, PC, team can help you get started. Schedule a no-obligation consultation today to ensure every part of your legacy, physical and digital, is protected (303)670-9855.