What will happen to your Facebook account when you die? Or to the books, music, movies, and games you’ve purchased online? As our lives move further into the digital realm, it’s essential to account for these assets in your estate plan. The value can be financial and deeply personal: from digital currency and monetized blogs or websites to photos, emails, and irreplaceable records stored in the cloud. Yet access can be tricky. Terms of service often restrict a loved one’s ability to log in after death, and state and federal laws may expose well‑meaning family members to privacy or anti‑hacking violations if they try to do so without proper authorization.
Laws are evolving to make this process more consumer‑friendly, but the safest path today is to leave clear instructions and legal authority for someone you trust. Start by staying informed. Talk with your attorney, financial advisor, and CPA about protecting your digital footprint. Next, create and maintain a digital inventory, a list of your online accounts and subscriptions, updated at least annually. Keep a current, securely stored password list and make sure your fiduciary knows how to access it. Finally, be explicit in your documents. Your durable power of attorney should authorize an agent to handle your digital assets and online accounts during your lifetime if you become incapacitated, and your will or revocable trust should include parallel provisions to empower your loved ones to manage and transfer those assets after your death.
Because platforms and laws vary, consult an experienced estate planning attorney to ensure your plan covers what you own online and provides the access and guidance your fiduciaries will need. A few practical updates now can preserve both the monetary and sentimental value of your digital life for the people who matter most.
If you would like to learn more, or set up a complimentary estate planning consultation with one of our Madison, Wisconsin estate planning attorneys, please contact us and we can schedule a time to meet.