When creating an estate plan, most people think of physical possessions, such as homes, cars, financial accounts, and personal items. In the modern age, however, many assets exist entirely in digital form. From your email and online banking to cryptocurrency and social media, these assets can hold both financial and emotional value. Without proper planning, your loved ones could struggle to access important accounts or lose treasured memories that are stored online. To help prevent that outcome, the Los Angeles attorneys at Schomer Law Group, APC discuss the importance of including digital assets in your California estate plan.
What Are Digital Assets?
In the 21st century, our lives are increasingly impacted by electronics. Consequently, many of your traditional assets may now exist in digital form. Including these digital assets in your California estate plan ensures that your online life is not forgotten or mishandled after you are gone. Some of the most common digital assets include:
- Online Financial Accounts and Cryptocurrency: You might use digital banking platforms, payment services such as PayPal, Venmo, or Cash App, and/or online investment accounts. If you own cryptocurrency, protecting access to those funds is even more important because recovery options are limited given that digital wallets are typically secured by private keys, and if those keys are lost, the funds cannot be retrieved. To safeguard your online financial assets, prepare a detailed list of all accounts, including where login credentials or security keys can be found. Store this information securely and make sure your estate plan provides clear instructions for how each account should be managed, transferred, or closed. In California, you can authorize your chosen representative to handle digital assets through a Power of Attorney or by including specific provisions in a trust.
- Domain Names and Online Businesses: If you own domain names or operate a website, whether for business or personal use, those digital properties may hold significant value. Domains can be sold, generate advertising revenue, or serve as a foundation for an online business. Include them in your estate plan by listing the registrars and hosting companies where your domains are managed. Be sure that renewal dates, payment methods, and login credentials are properly documented.
- Email Accounts: Email accounts often serve as the gateway to your digital life because they are used to manage online subscriptions, verify logins, and recover passwords for other services. Make a secure list of your primary email accounts and their associated providers. Store your usernames and recovery information in a password manager or other protected system. It is also wise to name a “Digital Executor” or trusted person to manage these accounts after your death. This individual can follow your instructions for archiving, transferring, or deleting messages in accordance with your wishes.
- Subscriptions, Memberships, and Rewards Accounts: Streaming services, online memberships, and loyalty programs can accumulate significant value over time. Moreover, frequent flyer miles, credit card reward points, and subscription-based accounts often carry benefits that can be transferred or redeemed. Prepare a complete list of your digital subscriptions and rewards programs and include instructions for whether each account should be transferred, canceled, or allowed to expire. Providing this information in your estate plan not only saves your loved ones from frustration but can also help them recover financial benefits that might otherwise go unused.
- Social Media and Online Presence: Platforms like Facebook, Instagram, LinkedIn, and TikTok serve as online journals of your experiences and relationships, making them an important part of your personal identity. Each service has its own rules for handling accounts after a user passes away with some allowing memorialization and others allowing accounts to be deleted. Take time to review the policies of the platforms you use and decide whether you want your accounts preserved as digital memorials or permanently closed. Some sites, such as Facebook, allow you to appoint a legacy contact directly within your settings. Even with those tools in place, include written instructions in your estate plan specifying your wishes.
- Digital Photos and Video Collections: Most families now store their photographs and videos online, whether through iCloud, Google Photos, or Dropbox. These digital memories often have deep sentimental value and may be the only record of important moments. Without access to your storage accounts, your loved ones may lose those memories forever. Make a list of the services you use to store photos and videos, along with any relevant access information. You can also identify specific collections that have historical or personal importance. By naming a beneficiary or including access instructions in your Will or Trust, you help ensure that these memories are preserved and shared with future generations.
Do Not Overlook Password Management Tools
Password managers such as 1Password or LastPass, along with cloud storage platforms like Google Drive or OneDrive, hold the keys to your digital world. If no one can access these tools, other accounts may become permanently inaccessible. Many password managers now offer “emergency access” features that allow you to name a trusted contact who can gain entry if you become incapacitated or die. Include these details in your estate plan to ensure that access is both secure and controlled.
Appointing a Digital Executor in California
A Digital Executor is the person responsible for managing your online assets after your death. In California, you can appoint this person in your Will or other estate planning documents. The Digital Executor’s duties may include transferring ownership of accounts, deleting personal data, or preserving important digital files. Choose someone who understands technology and who will respect your privacy and preferences.
Can We Help You Incorporate Digital Assets into Your California Estate Plan?
For more information, please join us for an upcoming FREE seminar. If you would like assistance incorporating digital assets into your California estate plan, contact the experienced Los Angeles estate planning attorneys at Schomer Law Group APC by calling (310) 337-7696 to schedule an appointment.
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