The best way to plan my digital legacy

Most of our time is spent online, but when we no longer need to manage digital assets, we usually don't think about what happens to them.

Before we leave this earth, it's very important to plan for our digital legacy to avoid financial loss. And while laws and regulations regarding data and digital assets are still evolving, there are steps you can take now to prepare.

What you need to know about your digital legacy

Have you ever thought about this disturbing question: what will happen to our digital life when we die or are powerless? Many of us have or know that we should have a will and list what our companion should know when we die.

But what about all our digital data and online accounts? Should we consider a sort of digital will? Should we create a "digital legacy" plan? Consider your digital picture. Bank and retirement accounts, home mortgages, family photos and videos, smart home accounts, emails and social networks are just a few of the many examples that make up our digital footprint. In the likely event that a parent passes away, your family and loved ones may need quick access to these accounts or data.

Digital Asset Inventory

Taking an inventory of your digital accounts can help your loved ones protect your memory, assets and digital identity. Check the inventory carefully and include as many assets as possible, including login information for online portals or online accounts.

Your list of digital assets may include:

• Credit card accounts
• Utility accounts
• Contact lists
• Shopping Accounts
• Social network accounts
• Subscription Services
• Mail accounts
• Online banking accounts
• Online marketplaces
• Domain names
• Photo and video sharing and storage accounts
• Data from smartphone, computer, tablet or cloud
• Existing digital collections
• Websites or blogs that you manage
• Cryptocurrency keys
• Text, graphics and audio files (or other intellectual property)

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How will they be accessed?

Once all digital assets have been accounted for, they should be included in your estate plan. The main challenge beneficiaries may face when dealing with digital assets is that most accounts are protected by private passwords.

They may also be protected by laws regarding data privacy and unauthorized access to computer systems. The terms of the online service contract may add additional access restrictions. If you don't leave specific instructions on who can access these assets (and how), your loved ones may not even be able to legally retrieve your digital assets. Fortunately, service providers and laws are constantly evolving to help manage digital assets after death.

In addition, many countries have adopted the revised Uniform Digital Asset Trust Act, which defines three levels of access to digital assets:

Level 1. If the digital service provides a tool to specify what happens to the digital legacy after your death, the designation will guide what happens to the account. For example, if you use Google's Inactive Account Manager to designate family members, the name will be used in managing your Google items.

Level 2. If there are no tools, the owner or the instructions in the will or legal documents determine how the account or assets will be handled.

Level 3. If neither of the first two conditions exist, the terms of use determine how to access these accounts. As mentioned earlier, these agreements generally limit access to the original owner.

With the continued development of data and digital asset laws and regulations, you can take immediate steps to prepare your digital legacy.

Prepare your digital assets

Start organizing your digital assets with these steps.

Prepare an email account. These are probably the most important assets to plan for because they allow recipients to access bills and notices, and are often used as credentials to access other digital services. Email content is also important for emotional value or to help resolve ownership. Please note that as a privacy measure, you are required by law to leave specific permissions for executors to access emails.

Take inventory of your credentials. Make a list of assets with usernames and passwords, and include the credentials so your manager can access them. But remember, this information should not be included in your will, as it will become a public document after your death. Save it separately and make sure your loved ones can find it. Password management software can be useful for this as it can store multiple passwords, but, only one person can access them.

Describe your wishes. List the intent of each asset or account. Should your social network account be deleted immediately or its content archived? How do you manage digital assets (such as websites or online storefronts) that have monetary value or generate revenue?

Appoint an executor. Consider appointing a digital executor to carry out your desire for digital assets. If the primary executor of your digital legacy can also easily manage digital assets, this may not be necessary. However, if you have a particularly valuable digital asset or have a specific desire for confidentiality, it's best to appoint a separate specific digital executor.

Find secure storage. Keep your digital asset plans in a safe place and provide instructions on how to use them to the people who will manage your assets after you're gone. This can be done with lawyers, notaries, online storage platforms or in a secure filing cabinet. The digital asset planning process may still be a work in progress, but these steps will help your loved ones protect your memory and better manage your assets.

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