Your life is lived digitally but what happens when you’re gone?
Thousands of photos, years of conversations, priceless moments all locked in your phone, your cloud, your accounts.
Without a plan digital assets such the photos in the Cloud, social media accounts, online rewards accounts and cryptocurrencies, like Bitcoin they could be lost forever.
Would your family be able to access your digital world?
Or would your memories disappear with a forgotten password?
The truth is most estate plans don’t cover digital assets leaving a major gap in your legacy.
It’s time to take control and protect what matters.
What Are Digital Assets?
Digital assets are anything you own that exists online, including email accounts, social media profiles, cloud-stored photos, and store rewards points. Cryptocurrencies, like Bitcoin and Ethereum, are also digital assets, but they operate differently from traditional bank-controlled money, relying on blockchain technology for security.
Here’s How To Ensure Access
Apple Users: Legacy Contact
Apple allows you to designate a Legacy Contact to access your Apple account in the event of your passing. To set this up:
- Open Settings > Your Name > Password & Security.
- Select Legacy Contact and follow the steps.
- Your designated contact will receive a special code, which they must use along with a death certificate to access your data.
Google Users: Inactive Account Manager
Google’s Inactive Account Manager lets you determine what happens if your account becomes inactive. To set it up:
- Visit Google’s Inactive Account Manager.
- Choose a period of inactivity before action is taken.
- Select trusted contacts who will be able to access your data or set your account for deletion.
Managing Social Media Accounts
Many social platforms allow you to decide what happens to your accounts:
- Facebook & Instagram: Set a Legacy Contact or enable memorialization.
- Twitter (X) & LinkedIn: Family members can request account deletion.
Using a password manager can help ensure that trusted individuals can access your accounts when needed.
Protecting Cryptocurrency Holdings
Unlike bank-controlled assets, cryptocurrency is decentralized. Without proper planning, these assets could be lost forever. Take the following steps to secure them:
- Use Secure Wallets: Store private keys in secure locations, such as hardware wallets (Ledger, Trezor) or trusted digital wallets (MetaMask, Trust Wallet).
- Document Key Information: Store wallet seed phrases in a safe deposit box or another secure location.
- Establish a Crypto Trust: Work with an estate planning attorney to set up a cryptocurrency trust for smooth asset transfer.
- Check Exchange Policies: Some platforms, such as Coinbase, have procedures for family access in the event of a user’s passing.
Legal Considerations for Digital Assets
New laws allow trusted individuals to manage digital assets if permission is granted through proper legal documentation. However, many estate plans and wills do not include digital assets. Updating your estate plan to cover these items is crucial to ensure a smooth transition.
3 Essential Steps to Secure Your Digital Assets
- Create a Digital Asset Inventory – List all your digital accounts, including email, social media, and cryptocurrency wallets.
- Assign a Trusted Contact – Set up Legacy Contacts on Apple and Facebook, and enable Google’s Inactive Account Manager.
- Consult an Estate Planning Attorney – Work with a professional to include digital assets in your estate plan.
Taking these steps today will ensure your digital legacy is protected and accessible to those you trust.
It would be our privilege to discuss your future and how to plan for a life of purpose, meaning, and JOY!
Please feel free to schedule a 30-minute Zoom Meeting to see how we can assist.
