Most American adults are increasingly tied to online platforms, both for work and personal reasons. From social media profiles to cryptocurrency wallets, these digital assets can potentially represent both emotional and financial value. For young adults, creating a digital estate plan may not seem like an immediate priority, but failing to address these assets can lead to complications for loved ones in the event of an untimely passing.
If you are a young adult, know that drafting a digital estate plan will help you to manage your online presence and better ensure that your digital valuables are managed according to your wishes in the event that you become unexpectedly incapacitated or you pass away.
What is a digital estate plan?
Your digital estate plan should outline instructions for managing and distributing your digital assets after your incapacitation or death. Digital assets that deserve your attention include:
- Social media accounts: Facebook, Instagram, X, etc.
- Email accounts: Access to important communications or personal information.
- Online financial accounts: Cryptocurrency wallets, PayPal, investment platforms, etc.
- Subscription services: Netflix, Spotify and other paid accounts.
- Cloud storage and digital content: Photos, videos, documents and creative works.
Without a clear plan, your family may face challenges accessing or shutting down these accounts, leading to unnecessary stress and potential loss of assets. Additionally, those who you don’t want to have access to your assets may be granted access by the courts because you did not expressly bar them from said access.
Although you hopefully have many years ahead of you, life is unpredictable, and planning ahead will help to ensure that your wishes are respected and that your loved ones aren’t forced to make tough decisions about your legacy without your input.