Do you need a digital will?
Probably. Like a traditional
last will & testament that deals
with real and personal property,
a digital Will concerns itself
with your digital assets. A
digital will directs a
representative(s) of your choice
to deal with your digital assets
when you die. What are digital
assets? Digital assets range
from cloud storage to online
bank accounts. Social media
accounts and contact lists also
fall into the digital asset
category. These are just a few
digital assets that need
attention upon your death.
Any online content may be
considered a digital asset.
There are a large number of
accounts that qualify. Here is a
brief list.
-
Social Media Accounts
(Facebook, Instagram,
LinkedIn, etc.)
-
Cloud Storage services
(Dropbox, Amazon Photo,
Google Photo, etc.)
-
Streaming Subscriptions
(Netflix, ESPN+, Hulu, etc.)
Online Bank accounts
-
Digital currency accounts
-
Email accounts
-
Forum, Gaming, and Blog
accounts
-
Online Commerce Accounts
(Amazon, Wal-Mart, Etsy,
eBay, etc.)
-
Document Accounts (Google
docs, ZOHO, etc.)
-
Online Payment services
(PayPal, Google Pay, Apple
Pay, etc.)
-
Credit Bureau Accounts
As you can see, digital
content can grow in the same
way personal assets do. Many
spouses believe their
husband or wife will care
for these accounts when they
are gone. Many state laws
and online platform terms of
service agreements do not
allow a spouse to log in and
alter an account without
specific permission. A
digital will provides the
necessary permission in most
cases.
The average
American has 66 online
accounts. You can designate
different representatives or
executors for specific
content. You might name a
friend or family member you
often game with to deal with
a gaming account. You can
name your spouse to execute
more personal or financial
wishes. The choice is yours.
If you don't care if
your representative sees
every detail of your online
life, then using a password
manager like RoboForm or
Dashlane may be appropriate.
Your digital will could then
pass on your master
password, providing your
representative access to all
of your accounts.
Companies like
GoodTrust and
DigitalWill offer
services that address the
problem, but action is
required, not unlike a
traditional will. Your
attorney may be the best
place to start, but not all
attorneys are familiar with
digital Wills. Find out more
in this month's blog post,
Inheriting the Internet.
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