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Retirement

Include Digital Assets in Your Will: Here’s Why

Whether you’re conducting online banking, paying bills, browsing social media, sending emails, uploading photos, or viewing medical records, a significant portion of your day might be spent on the internet. With so much of our lives happening online, it’s important to consider what happens to these digital assets, known as your digital legacy, after you die. Surprisingly, most people don’t think about their digital footprint, but they should, according to Tim Bajarin, technology analyst and chairman of Creative Strategies in San Jose, California.

Bajarin points out that many of us have accumulated an impressive array of digital content over the years. He suggests that if you’re working with a lawyer on your estate planning, you should also designate a trustee for your digital content. Bajarin’s advice is echoed by former Google executives Rikard Steiber and Daniel Sieberg, who co-authored “Digital Legacy: Take Control of Your Digital Afterlife” in 2020. They also launched GoodTrust, a Palo Alto-based company that securely stores and manages digital depositories of documents, social media accounts, websites, and wills for delivery to a designated person after you die.

“We’ve been living in a connected world for about 25 years, so many of us have amassed a lot of online content,” says Steiber, GoodTrust CEO. He emphasizes that managing the digital presence of a loved one should be a priority for both practical and emotional reasons. The necessity of being prepared for the digital afterlife was highlighted during the pandemic, which showed how unprepared many people were for sudden loss and the management of digital legacies.

The concept of a digital legacy is relatively new, but as our lives become increasingly digital, it’s becoming more crucial. Imagine the complexity your loved ones could face trying to access your online bank accounts, social media profiles, or email accounts without prior arrangements. Bajarin and Steiber recommend taking proactive steps to ensure that your digital assets are managed according to your wishes.

One practical step is to create a list of all your digital accounts, passwords, and security questions. This list should be stored securely and updated regularly. You might also consider using a password manager, which can store and encrypt your login information. Additionally, check if the services you use offer any legacy or inactive account management options. Many platforms, like Facebook and Google, have policies and tools that allow you to manage what happens to your accounts when they become inactive.

Ultimately, planning for your digital legacy is about making things easier for your loved ones during an already difficult time. By taking steps now to manage your digital footprint, you can ensure that your online presence is handled according to your wishes and that your digital assets are preserved or disposed of in the way you choose. It’s an important aspect of modern life that shouldn’t be overlooked.

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