Your digital life holds value, from social media accounts to cryptocurrency investments. Without a plan, you may lose control over your online presence and digital assets. Including them in your estate plan ensures you dictate their management.
Identifying your digital assets
Make a list of your digital assets, including social media accounts, email, cloud storage, digital photos, and financial assets like PayPal or cryptocurrency. Note their locations and access details. Store this information securely, separate from your will.
Assigning digital asset management
Choose someone to manage your digital assets after you pass. Illinois law recognizes the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which allows you to designate a fiduciary. Select a trusted person to handle sensitive information. Specify their authority in your estate plan to grant access and management rights.
Documenting your wishes for digital assets
Outline how you want your digital assets managed. Decide whether to delete, memorialize, or transfer social media accounts to family members. Assign financial digital assets to beneficiaries. Use estate planning tools like a digital will or a letter of instruction to clarify your intentions.
Securing access and permissions
Many digital platforms have policies for account access after death. Some services, like Facebook and Google, let users set up legacy contacts or inactive account managers. Review these settings and update them as needed. Store login credentials in a password manager or secure document, ensuring your fiduciary can access them when necessary.
Planning today for digital security
Act now to protect your digital assets from loss or unauthorized access. Update your estate plan regularly to reflect changes in digital holdings and ensure your wishes guide their management.