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5 Tips to Create Your Digital Estate Plan

5 Tips to Create Your Digital Estate Plan

You have spent years cultivating memories with your Facebook profile, curating an audience with your Twitter account, and building an incredibly efficient agricultural operation on FarmVille. But what happens to those accounts after your death? We recently wrote about the importance of protecting your digital assets, but what exactly does is involved in creating a digital estate plan?

Tip #1: Make an inventory of your digital assets. 

This is a bit of a catch-22. We usually recommend that our clients keep a list of any accounts, usernames, and passwords so their representatives will know how to access those accounts after your death. (We'll talk about how to keep this information secure in a minute.)

Estate Planning in the Digital Age

Estate Planning in the Digital Age

Who gets your Facebook account when you die? What happens to your Twitter? Your Instagram? Your e-mail account? Your Bitcoin? The Digital Age and the advent of Internet- and cloud-based assets have created a new category of estate planning.

Your Internet accounts are your property, and property stored online that has any value requires the same level of protection you give to other tangible (e.g., houses, cars, stocks) and intangible (e.g., patents, copyrights, goodwill) assets.

You Have More Digital Assets Than You Think

Cutting-edge technology continues to evolve at a rapid pace while estate planning and probate laws struggle to keep up. As a result, some companies responsible for managing the platforms for digital assets have sought to fill the void.