Influencers do not make money the traditional way because most of their income comes from digital sources. They depend on Digital Platforms like Facebook, Instagram, YouTube, TikTok, Snapchat, etc., to make most of their income. These platforms are part of their Digital Assets.
Similar to how one makes arrangements for their physical or tangible assets, they also have to make arrangements for their Digital Assets. In the modern world, a part of our daily lives includes using some form of electronic device and an online account. Electronic devices and the online accounts an individual uses are collectively called Digital Assets.
Making arrangements for these Digital Assets provides the deceased or incapacitated user’s family members to handle the accounts as per their loved one’s last wish. This is where a Digital Estate Plan comes into picture.
What is a Digital Estate Plan, and why do influencers need it?
A Digital Estate Plan ensures that the Digital Assets of influencers are managed correctly after their demise. These are ways in which influencers can benefit from a Digital Estate Plan.
- Smooth, mess-free transfer of Digital Assets from the influencer to the beneficiaries.
- Autonomy to elect an executor for your Digital Estate.
- Options for memorializing/closing the account after you pass away.
- Settling disputes over the ownership of your Digital Estate after your demise.
- It prevents hackers/unknown people from claiming your Digital Estate.
4 Steps To Create A Digital Estate Plan
The concept of the Digital Estate is relatively new. An online influencer has Digital Assets they wish to hand over to the younger generation or the people they want to benefit from their work after they are gone. These four different steps will help to create an estate plan for influencers.
● List Your Digital Assets.
Do you remember the first time you used the internet to create an account online? Do you have a record of all your passwords and inactive but existent profiles? If you answered affirmatively to the above questions, you are in luck.
The first step while creating a Digital Estate Plan is to make your Digital Asset inventory. To get an idea of what to include in this inventory, here are a few crucial factors:
- Social Media Accounts
- Cloud storage drives
- Any device used for accessing the Digital Assets
● Allow Access To Your Digital Assets.
After you make a list of your Digital Assets, allow access to them. As an influencer, these assets, such as social media accounts, hold sentimental value to your near and dear ones. Facebook and Instagram allow people to appoint Legacy Contact; a Legacy Contact is a person that can manage your account after your demise.
Similarly, Google has an Inactive Account Manager option, where you can select up to ten people to download your data before Google deletes the account. If some of your Digital Assets lack such post-demise management provisions, appoint a trustworthy person as your Digital Executor.
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● Appoint A Digital Executor
A Digital Executor is a person who handles your Digital Assets after your demise or incapacity. As an Influencer, you might want your social media profiles to be handled by your close friend while your payment accounts can be handled by your family members. In brief, you can choose a specific Digital Executor for certain accounts or, choose one Digital Executor for all your online accounts.
Legalize The Digital Estate Plan.
It is always better to get your Digital Estate Plan signed by an attorney. RUFADAA might come into the picture if you are a citizen of the US. However, the final decision of who must handle your Digital Assets will be court-decided. To avoid this complication, it is always beneficial to state your wishes in writing and talk to your attorney about making your plans legal.
The above article mentioned everything you need to know about creating a Digital Estate Plan for influencers. Following these plans will ensure the security of your Digital Assets so that you can pass them to reliable folks even after your demise.
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