Digital Assets have made our lives simpler with their ease of use and accessibility. We can access our images, videos, or any other digital asset from the comfort of our cell phones. But what is never given thought is what happens to these Digital Assets once you pass away or become incapacitated. That is where a Digital Estate Plan comes into play.
When it comes to assets such as ownership of your property, or even a vehicle, people are willing to go through the necessary procedures for the transfer of ownership. But when it comes to Digital Assets, people are surprised, even a bit skeptical. Is it really as necessary as transferring your physical assets?
Yes, it is.
Is A Digital Estate Plan Necessary?
With the advent of the internet, gone are the days where access to your various accounts such as your bank and investment accounts were a tedious process. With access by password, you can use your saved passwords to access these accounts.
With your passwords allowing access to your accounts, and in turn the Digital Assets contained in them, post-death digital asset transfer might sound like a cinch. All you have to do is make a list of your passwords that will then be passed down following your death, right?.
In that case, what is the need for a Digital Estate Plan?
Using the account of a deceased person following their death using the password they left you with sounds convenient. You don’t have to go through the hassle of transferring ownership. You can just access the account like it was your own. Not only is sharing of passwords illegal but what happens when complications occur? In such cases, you might have to go through the hassle of transferring the account of a deceased person.
What Happens If You Continue Using The Account Of A Deceased Person?
For example, imagine you are entrusted with the account of someone who has passed away. Instead of transferring the ownership, you use their account as if that person was still alive. But then a complication occurs, like some confidential information pertaining to the account being stolen. In such a situation, a report has to be made, and the account holder is the one who has to defend the claim, which might prove a bit troublesome.
Even then, all hope is not lost as there could still be a way of transferring ownership, depending on the organization. But this process will often be much more tedious than the initial transfer of account you could’ve done before.
Secure Your Digital Assets
While talking about the transfer of Digital Assets of a loved one is not something you would want to deal with immediately following their death, it is just as important as transferring their physical assets. While access by password sounds like a convenient get-around, it is more often than not worth the hassle in the long run.
By making use of Digital Estate Plans, you can rest easy knowing exactly what will happen to your Digital Assets following your death or incapacitation. This also helps your loved ones as they are freed from the hassle of transferring your Digital Assets.
Now that you know why it’s necessary to secure your Digital Assets before death, safeguard them by creating an Online Will or a Digital Estate Plan.
Sign up with Clocr today to get all the help with creating an Online Will and Digital Estate Plan.