Lack of preparation for death poses a threat to digital assets, as revealed by a poll conducted by Which?
In the digital age, managing one's online presence after death has become an essential aspect of estate planning. A recent survey by Which? magazine revealed that a significant number of people are unprepared for this, with only 18% having drawn up instructions for accessing their online accounts and just 3% including them in their will [3][5].
The lack of planning for digital assets is a significant issue, according to Which? editor Harry Rose. He stated that, out of the 14,631 subscribers polled in April 2024, 76% have no plan for their digital assets [4]. This oversight can lead to serious issues for bereaved people, who may face difficulties accessing their loved ones' digital presences, encounter unhelpful customer services, and experience issues with account access, file transfer, and memorialization [2].
To address this issue, Which? is urging people to share the details of their online accounts with loved ones and to consider putting together a letter of wishes to accompany their will. This letter can clearly express preferences regarding digital assets, helping guide one's digital executor or fiduciary in managing or closing accounts [1][3].
Creating a Digital Asset Inventory
A comprehensive digital asset inventory is the first step in planning for your digital assets after death. This inventory should list all online accounts (social media, email, financial, subscriptions, cryptocurrencies, domain names, etc.) and note their value (monetary or sentimental) [1][3].
Reviewing Platform-Specific Policies and Legacy Tools
Once you have created your inventory, it's essential to review each platform's terms of service to understand specific policies on account access after death. Many platforms provide options for legacy contact designations or memorialization settings that allow designated people to manage or preserve accounts after death [1][5].
Updating Estate Planning Documents
Including digital assets in estate planning documents is crucial. You should update your wills, trusts, or powers of attorney to address digital assets explicitly and appoint a digital executor—someone technically knowledgeable and trustworthy—to handle your digital assets [1][3].
Securing Your Digital Asset Information
Securely storing your digital asset information and updating it regularly is also vital. Consider using password manager apps with emergency access features to ensure your digital executor can access your accounts when needed [1][3].
Consulting Professionals
Consulting estate planning attorneys and digital security experts is essential to ensure legally valid instructions and secure handling of your digital assets [3].
Government Regulations and Social Media Company Protocols
Probate laws and digital asset access rules vary by jurisdiction, but generally require including digital asset management in wills, trusts, or powers of attorney, supported by specific provisions to comply with state probate laws [1][2]. Some states recognize electronic wills and digital signatures, but requirements differ, so consulting an estate attorney familiar with local laws is critical [2].
Social media companies usually involve providing proof of death (such as a death certificate) and legal documentation to access, memorialize, or close accounts [1][5].
The Importance of Planning
Planning for your digital assets after death ensures your digital legacy is managed according to your wishes, reduces burden on loved ones, and complies with relevant laws and platform rules [1][3][5]. It's also crucial to remember that significant assets may be held in the online space, and failing to pass them on correctly could lead to losing control of online businesses and self-published works [6].
Which? is calling for the government and tech companies to make the process of handing over digital assets easier and for lawmakers to come up with a legal framework that would deal with digital assets after a person's death [2].
[1] https://www.which.co.uk/news/2024-04-01/how-to-manage-your-digital-assets-after-death/ [2] https://www.techradar.com/news/which-calls-for-government-action-on-digital-assets-after-death [3] https://www.bbc.co.uk/news/technology-60905505 [4] https://www.which.co.uk/news/2024-04-01/most-people-have-no-plan-for-their-digital-assets-after-death/ [5] https://www.ft.com/content/8e04669a-3578-45d3-98f9-a3d6414c9a1f [6] https://www.which.co.uk/news/2024-04-01/which-urges-people-to-plan-for-their-digital-assets-after-death/
