Working in software and engineering, you know a lot about how computers work. You have digital assets, like cryptocurrencies, and you keep everything you need online on the cloud or on your hard drive.
As you begin working on your estate plan, it’s very important to remember that your digital assets need protection, too. How? Here are three helpful tips.
Get organized
The first step you need to take is to get organized. Organizing your digital property means knowing what you have as well as how someone can find it. For example, your cryptocurrency wallet may only be accessed from a specific source, so you need to write down that information for anyone who may want to access it in the future.
Keep your usernames and passwords secured
Next, remember that you will need to keep track of your usernames and passwords. You should write down all of the information needed to get into bank accounts, stock portfolios or apps, cryptocurrency wallets and other digital accounts. Keep those passwords and usernames secure, and make sure to update your estate plan if you change any in the future.
Set up distribution options
If you pass away, many of your digital assets can be passed on with beneficiary designations, trusts or your will. It is helpful to go over the options you have with each account and to consider if having a backup distribution option would be a good idea.
For example, you may set your Facebook account up so that someone can get into it after you pass away. You may also want to assign them control of the account in your estate plan, so there is no confusion about who should be able to access the information there.
These are three tips to help you as you start working through your estate plan and addressing your digital assets. These assets are becoming more and more common, so it’s not surprising that you have some to add to your own estate plan. Even though they may not be physically in front of you, you do need to think about protecting those accounts and passing them on in the future.