Between your business ventures and your personal life, you have probably accumulated many digital assets that you want your business successors or relatives to have after you die. This is why your estate plans should include provisions for your digital estate.
According to Kiplinger, your digital estate consists of whatever virtual and electronic assets you own.
Examples of digital estate assets
There are many assets that could be part of your digital estate. Electronic accounts such as email, social media, utility, and online store accounts are common examples. Your digital estate also includes media and other content you store in an online cloud.
In addition, your business or personal website can count as your digital estate. You should also account for related assets such as a blog, a domain name, or any text and audio-video content you have posted on your online sites and social media.
Money in digital accounts
You may wonder if the money you have in an electronic account is part of your digital estate. While an electronic account is a digital asset, the money stored in the account is not. Similarly, if you have cryptocurrency, the account you use to access the currency is a digital asset but not the cryptocurrency itself.
Designating a digital executor
Be aware that while your executor may oversee the distribution of your digital estate, you could name a digital executor instead. You might feel more comfortable appointing a person who understands how your digital accounts work and how to transfer ownership to your heirs.
With a proper inventory of all your digital assets, you can make informed decisions about how to manage your digital estate after your death.