4 Reasons Why You Need a Digital Legacy Plan
If you have ever sat down and listed all the social media and other online accounts you have used, opened and/or forgot about, you would know it’s not an easy task to keep track of them at all times. It is even harder after you’re gone.
What happens to these Digital Assets and data after your death? How will your loved ones manage all these accounts and protect your digital identity?
It’s not easy. But you can make it easy for them by creating a Digital Legacy.
What does A Digital Legacy mean? In simple terms, this is where you provide information that your loved ones need to access and manage all your digital data. After your death, your next-of-kin will know what to do with your digital data—because you told them how.
If you’re still not convinced, here are some more ways in which a Digital Legacy Plan can help you, your family and other beneficiaries:
Take care of your family even after you’re gone
Preparing a Digital Legacy Plan gives you power over what you wish to do with your assets, both tangible and intangible, even after you’re gone. Without this, your assets will have to comply with intestacy guidelines. On the other hand, your Digital Legacy Plan lets you decide what happens to your assets and helps your beneficiaries understand you better.
Helps you stay ahead
Your Digital Legacy Plan encourages you to prepare for any unexpected events—natural disasters, pandemics, accidents, etc. The Plan can include your Will, contact details, bank accounts, social media accounts, cryptocurrency, photographs and videos that lets your beneficiaries own and cherish your digital data the way you wish.
Minimize your beneficiaries’ tax burden
Your Digital Legacy Plan also helps ensure your beneficiaries receive maximum value from your assets after your death. We suggest you consult a financial advisor to make the most effective decisions in this aspect.
Make it easy for your family
When you have a Digital Legacy Plan in place, your family, friends and beneficiaries have a relatively simpler time fulfilling your wishes and dealing with the legalities without any hassles while mourning your absence.