Guest Author: Dr. Gratia Schoemakers, J.D., LL.M.
Did you ever wonder what happens to your digital footprint when you pass away? Well you should, particularly if you are part of the 77 percent of Americans who go online every day. As the internet has become more of an integral part of our lives, our information — pictures, videos, financial, emails, social media accounts, and other personal information — is constantly being stored online. All of this information is known as your “digital assets.” While the internet has made our lives easier by allowing us to access our information with the simple push of a button, it may be difficult for our loved ones to do the same once we are gone.
Digital Estate Planning
We at GP Schoemakers, understand that we live in an ever-evolving society where much of our lives can be found online, and that our online presence creates a new type of assets, which are usually referred to as “Digital Assets”. Digital assets encompass any of your information that you store or use online — this includes social media accounts such as Facebook. While you may not consider these digital assets as having much monetary value, they store critical information or have sentimental value. Consequently, when you plan for your estate you should include your digital assets because they are an asset owned by you. Indeed, when it comes to your digital assets you will have to make special advanced arrangements so your executor — the person in charge of your estate when you pass away — can access them upon your passing. Many online providers, such as Facebook, Google, and Yahoo!, have specific procedures for handling your account upon your passing. In order to ensure that your wishes are carried out, you must follow their rules. Strictly speaking, providing usernames and passwords to another person, even your executor or successor trustee, may be a violation of the terms of service for many online accounts, and could cause trouble for your executor or successor trustee. You should also consider access to your computer and back-up hard drives, tablets, and smartphones. Being proactive is key when it comes to your digital assets so that they may be accessed when needed. And, as with any estate plan, regularly revisiting your plan for your digital assets is key.
Coordinating Your Digital Assets With Your Estate Plans
Depending on where you live your digital estate plan may need to be formalized into a legal document. You can then name an executor specifically for your digital assets or, alternatively, name someone with whom your traditional executor can work with in order to settle your digital estate. Make sure to instruct your executor as to the location of your digital asset inventory for easy access. Keep in mind that because your will becomes a public document upon your death due to probate, you should never put any of your username or password information in your will. Instead, have your will refer to an outside document that contains all the needed information regarding your digital assets.
If you have questions about handling your digital assets and how they fit in with your existing estate plan, give our office a call at 832.405.0505, so we at GP Schoemakers, PLLC can help you protect what’s important to you.
Author Bio: Gratia Schoemakers is the owner and founder of GP Schoemakers, PLLC, a law firm with the sole purpose of protecting your loved ones, your assets, and your legacy through estate planning solutions. Gratia has over 15 years of legal experience. She has created a unique Law Firm with a modern twist, which allows her to offer Online Estate Planning Services to all Texans, and busy parents just like you. Gratia also offers traditional in-person services to those located in the Houston/Galveston area. You can learn more about Gratia by visiting her website https://gpschoemakers.com/ or by calling her office at 832.405.0505