Do you have a Digital Estate Plan? Or, are you in the process of making one? You might have a few questions on Digital Estate Planning. Here are some commonly asked Questions and Answers on Digital Estate Planning.
Is a list of passwords enough to create a Digital Estate Plan?
Leaving a list of usernames and passwords is not enough to be called a Digital Estate Plan as it leaves the beneficiaries with no information on what to do with these accounts. Also, it is not advisable to list your passwords and leave it for someone to find after you’re gone – this is a serious violation of privacy and ownership rights.
Use a password manager to store your usernames and passwords of all online accounts and make the master password available to your beneficiaries. Along with this, make a list of your online accounts and leave instructions on what should happen to them after your passing.
Is Digital Estate Planning more than just saving Facebook photos?
In short, yes. Digital Estate Planning goes beyond saving Facebook photos or memorializing your Facebook profile after your death.
Digital Estate Planning allows you and your family members to manage your online accounts – including social media profiles, cloud storage, subscription services, gaming profiles and payment accounts – effectively.
What happens to my Digital Estate if I pass away?
Your family members or Digital Executor gains access to your Digital Assets after your death – only if you have created a Digital Estate Plan.
If you haven’t created a Digital Estate Plan, your family members will have to fight long courtroom battles with service providers to gain access to your Digital Assets such as photos, videos, social media profiles and perhaps even online payment services.
What do you mean by a Digital Executor?
A Digital Executor is someone who takes control of your Digital Assets after your demise. If you want someone to handle your online accounts after you’re gone, you appoint a Digital Executor for your Digital Estate. You can leave instructions as to what they must do to your online accounts after your death.
Who owns your child’s Digital Assets?
Most minors do not own any significant properties and if they do, the default rule of intestacy law suggests their property will be inherited by their parents. But with the increase in the usage of the internet, a minor might own a significant amount of Digital Property.
Under the current law, minors have no right to decide what happens to their Digital Assets after death. Currently, the law has begun to address an adult’s succession rights to Digital Assets and hopefully in a couple of years, the same might be extended to minors too.
Now that you know how beneficial it is to own a Digital Estate Plan, start creating one by signing up with Clocr.
