The question of what Digital Assets to include in a Will is not new. You will want your next-of-kin to access your online accounts and make changes if necessary. All you have to do is leave instructions to your next-of-kin – the ones you choose as Legacy Contacts for your Social Media and Online Accounts and let them handle it.
Digitalization has transformed our everyday life and the assets that we once traditionally held as valuable have become digital! An average global citizen owns Digital Assets worth more than USD 50,000. These could include monetary as well as sentimental possessions like subscriptions, online banking, cryptocurrency wallet, social media and email accounts, digital wallets, laptops, and hard drives to name a few.
But have you wondered what happens to all these when someone passes away?
Loved ones would want to be able to access this information. Not being able to do so can subject them to financial and emotional burden at one of the most difficult times of their life. Not to forget, accounts of deceased people are most susceptible to hacking, making it even harder for your loved ones to protect your Digital Assets.
Fortunately, this is avoidable.
It is possible to include your Digital Assets in your Will. However, it is important to note that not all your digital assets can be legally transferred after your death. Digital assets that can pass through your Will must have some monetary value attached to it such as :
- Cryptocurrency
- Funds in digital wallets
- Funds you’re owed from online ecommerce accounts
- Intellectual property like domain names (check licensing agreements)
- Your photos and music stored on computer’s hard drives
Most of your Digital Assets cannot be transferred to your next-of- kin. It is recommended to go through each organization’s legacy policies before including your online accounts in the Will. This can help you in gaining a better idea on what you want to do with each of these assets. Accounts you cannot transfer to your next-of-kin include:
- Mailing accounts
- Social media accounts
- tax or financial software
- Intellectual property like domain names (check licensing agreements)
- Subscription accounts like Netflix, Amazon and Spotify
Make a list of all your Digital Assets and categorize them based on whether you can include them in your Will or not. For non-transferrable accounts, leave instructions to your legacy contacts in a Digital Will.
Create a will for your online accounts using Clocr’s legally-compliant legacy planning platform!
