Your online accounts may hold money, records and personal memories. Yet many people leave these assets out of their estate plans. Without clear instructions, loved ones may struggle to access important accounts or lose photos and files after your death.
Understanding digital assets
Digital assets include online accounts and files stored on electronic devices. Common examples include email, social media, cloud storage, digital photos and cryptocurrency wallets. Online banking and investment accounts also fall into this category.
These assets may have financial or personal value. Some hold business records or tax documents. Others contain messages and photos that families want to keep. Listing your digital assets helps your loved ones find and manage them when needed.
Creating an inventory of your accounts
Start by listing all your digital accounts. Include the name of each service and explain what it contains. Note which accounts hold important records, photos or funds.
Keep this list in a secure place, such as a password manager. Avoid putting passwords directly in your will, which may become part of the public record. Instead, explain how your executor can find the login details.
This list can help your executor manage your estate. It may also make it easier to cancel subscriptions, retrieve tax records and close accounts.
Addressing legal access restrictions
Your executor may not have automatic access to every online account. Federal and state laws can limit access after death. Service providers may also require proof of legal authority before sharing account information.
You can document your wishes in a will, trust or other estate planning document, depending on the law that applies. Some service providers also let you name someone to manage your account or decide what happens to its contents after death. Where available, these tools may take priority over instructions in other estate planning documents.
Access also depends on the type of digital asset, applicable law and the provider’s policies. Permission to access account information does not always transfer ownership of the account or its contents.
Protecting your family’s access rights
A qualified estate planning attorney can help you include digital assets in your plan. An attorney can explain the rules that apply to your accounts and help you prepare clear instructions.
Review your inventory and estate plan as your online accounts change. This step can help your family find important records and manage your digital legacy.