Have You Started Planning For Your Digital Estate?
Your online accounts and subscriptions — from banking to social media accounts — make up your digital estate. Although estate planning conversations typically focus on assets like cash, securities, or real estate, you shouldn’t forget to plan for your digital estate too. Without planning, these accounts, and the important information they may hold, can easily be lost.
If something should happen to you, does anyone have access to your digital accounts? For example, the family pictures or videos you may have saved to the cloud could be lost if something happens to you and these accounts are inaccessible to your family members or loved ones.
Planning for the future of your digital estate:
- Compile a list of accounts, usernames, passwords, and instructions. Store this information in a safe place and ensure someone is aware of its location and has access.
- Check website policies. Some sites automatically delete inactive accounts. Others disable an account upon request by the family or executor.
- Commercial digital asset services. These service companies often allow you to name a designated beneficiary to whom your account will be released upon proof of your death.
- State Authorization Forms. Depending on your state, there may be authorization forms to grant access to your loved ones.
Contact your local Federated® marketing representative to discuss our network of attorneys who specialize in aspects of business succession and estate planning, including your digital estate, to help you plan ahead.
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This article is for general information and risk prevention only and should not be considered another other offer of insurance or legal, financial, tax, or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all losses. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. This information is current as of its publication date and is subject to change. Some of the services referenced herein are provided by third parties wholly independent of Federated. Federated provides access to these services with the understanding that neither Federated nor its employees provide legal or other expert advice. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances. All rights reserved.
