The Essential Guide to Creating a Digital Assets Plan: Protecting Your Online Life

The Rise of Digital Assets: Why Planning is Now Essential

In today’s technologically driven world, our online presence has become increasingly significant, and often represents a large portion of our overall life and our assets. From social media profiles and email accounts to online banking and cryptocurrency, we all have a vast array of digital assets that must be carefully considered and planned for as a part of your overall estate plan. Many of these assets may have important financial or sentimental value, and must be carefully documented so your loved ones can have the opportunity to properly manage them after you are gone. If you fail to plan for your digital assets you are risking that your important data will be lost forever, and your loved ones may have trouble handling all of the components of your digital life. This is why it is so important to create a solid plan, so that your online presence will be well managed, even when you are no longer here. Planning for your digital legacy should be a top priority for all adults, and it’s time to take the next step to ensure you have everything in order.

Digital assets are not just about social media profiles; they also include valuable financial holdings, important business contacts, and various online accounts that are often necessary for day to day life. Because of this it is vital to develop a strategy that will allow you to organize your digital life and also ensure that you are making the best choices about how your data will be handled. Many of us have worked for years to build our online communities, and we must be sure that they are treated with dignity and respect for many years to come. Don’t allow your digital legacy to slip through the cracks. Take the necessary steps now to secure your online future.

Identifying and Categorizing Your Digital Assets

The first step in creating a digital assets plan is to identify and categorize all of your digital assets. This should be an inclusive list, that includes all parts of your online life. Here are some key categories to consider:

• Social Media Accounts: Include profiles on platforms like Facebook, Instagram, Twitter, LinkedIn, and TikTok. Be sure to include your usernames and passwords for each platform.
• Email Accounts: Include your Gmail, Yahoo, Outlook, or other email accounts.
• Online Banking and Financial Accounts: List all of your online accounts, with detailed information on how to access them, and also how to manage all of the funds that you have saved.
• Cryptocurrency: Identify all digital currencies, including bitcoin, Ethereum, and other digital assets, making sure to have all necessary keys and access codes documented.
• Cloud Storage: Include your Dropbox, Google Drive, iCloud, and other cloud-based storage services, where you have documents, photos, and other important data.
• Online Shopping Accounts: List all of your online shopping accounts with usernames, passwords, and payment methods, as these can also be important assets.
• Online Gaming Accounts: List all online gaming accounts that you may own, which may have significant sentimental or financial value.
• Domain Names and Websites: If you own any domain names or websites be sure that you have a clear plan for what you want to happen to them.

By creating a comprehensive inventory, you will ensure that nothing is overlooked and that all of your digital assets are included in your plan for the future. It’s time to take a thorough review of your online life, and also make note of all important details, so you don’t overlook any valuable component of your legacy.

Creating a Digital Inventory: A Step-by-Step Guide

Creating a comprehensive digital inventory is a very important step to ensure that all aspects of your digital legacy are accounted for. Here are the steps you should take to make this important document:

1. Gather Your Information: Collect all usernames, passwords, account numbers, and any other essential information for accessing your digital assets.
2. Categorize Your Assets: Use the categories previously listed in this article to organize all of your digital assets into a meaningful and easy to read document.
3. Use a Password Manager: Consider using a password manager to securely store your digital information and also provide access to those you have chosen to manage your digital legacy.
4. Create a Written Inventory: Create a written inventory document with all necessary information, and make sure it is stored securely and is accessible by the person you have designated to manage your digital assets.
5. Review and Update Regularly: Be sure to regularly review and update your digital inventory to reflect any changes in passwords, new accounts, or your preferences for how they should be handled.

This detailed inventory is a critical component of your overall digital assets plan, and should be treated with the same level of care as you give to your financial documents. This information should also be kept in a safe place, and should only be accessible by the individuals that you have chosen to manage your digital legacy.

Choosing a Digital Executor: A Trusted Advocate for Your Online Legacy

Just as you would name an executor to handle your physical assets, you must also name a digital executor, who will be responsible for managing your digital footprint after you have passed away. It is imperative that you choose someone who you trust implicitly, as they will be handling a lot of your personal data. Here are some things to consider when choosing a digital executor:

• Technical Savvy: Select someone who is comfortable with technology and has a good understanding of social media and online accounts, and is willing to learn the steps involved in managing your unique digital assets.
• Trustworthiness: Choose someone that you trust completely, as they will have access to some of your most personal information and private accounts.
• Organization and Responsibility: Be sure that the person you choose is organized, responsible, and able to manage all of your digital assets with care, and that they will honor your specific wishes.
• Willingness to Serve: Make sure that your potential executor is willing and able to take on the responsibility of managing your digital legacy, as this is a huge responsibility that can be overwhelming to some individuals.
• Detailed Instructions: Provide your digital executor with very clear instructions regarding how you would like all of your digital assets to be managed, and also share your values and any specific requests.
• Clear Communication: Be sure you have a plan for clear communication with your digital executor and you are able to ask them any questions about the process.

Choosing a digital executor is a very personal decision, and must be taken with care and consideration, to ensure that all of your wishes will be honored. Be sure you are choosing someone that you can trust and that you know will be able to fulfill this important role.

Documenting Your Digital Assets Plan: A Letter of Instruction

In addition to naming a digital executor, it’s also essential to create a written letter of instruction for your loved ones or the person who will be acting as your digital executor. This letter should cover a variety of topics, including:

• Your Wishes for Social Media: Clearly state if you want your social media accounts to be deleted, memorialized, or passed on to a designated family member.
• Instructions for Financial Accounts: Provide guidance on how to access and manage your online banking and cryptocurrency accounts, and be sure to include passwords and account numbers that will be necessary for proper management.
• Email Preferences: Share your intentions for how your email accounts should be managed and who should be given access to them.
• Cloud Storage Directions: Offer clear guidance on how to access your cloud-based accounts, and the types of data that you have stored there, and who you want to be able to access this information.
• Instructions for Online Gaming Accounts: Provide specific instructions on how to manage any gaming accounts that you may own, as these can sometimes have sentimental or financial value.
• Domain Names and Websites: Clearly state if you want your domain names and websites to be renewed, transferred, or deleted, and be clear about how they should be managed.

By providing these instructions you will help ensure that your digital assets are handled as you intend. Your letter of instruction should also be kept in a safe place and updated regularly, as your life and your digital assets will likely evolve and change over time. Your plan should always be a living document, that adapts to your changing needs.

The Role of Wills.com in Creating Your Digital Legacy Plan

While Wills.com cannot directly manage your digital accounts, we do provide you with the tools you need to incorporate your digital assets into your overall estate plan. We will provide you with clear instructions on how to address all aspects of your online life, and also help you to document your wishes in a clear, concise, and user-friendly way.

Conclusion

Protecting your online life and your digital legacy requires careful planning and proactive decision making. By identifying your digital assets, creating a comprehensive inventory, choosing a digital executor, and documenting all of your wishes in writing, you are taking control of your future and also ensuring that your digital footprint is handled responsibly. Let Wills.com be your guide as you navigate the complex world of digital estate planning, and we will help you to secure your legacy and ensure that it will continue to reflect your personal values for many years to come. Plan your digital assets today and take the first step towards a secure future.