Digital estate planning is rapidly gaining traction as an indispensable way to ensure that one’s digital assets and online presence are managed and distributed according to one’s wishes after their passing.
When preparing your digital estate plan, you’ll want to do your best to ensure that it serves the intended purpose. As such, you should avoid making the following mistakes that could render your plan ineffective or lead to complications for your loved ones.
Poor password management
If you fail to adequately manage your passwords and access information, it can significantly impede the execution of your digital estate plan. Poor password management may result in your loved ones being unable to access important accounts or digital assets, causing delays, frustration and potential legal hurdles. To avoid this mistake, consider using a secure password manager to store and organize your login credentials and ensure that your chosen digital executor or trustee has access to this information when needed.
Failing to update the plan
You should regularly update your digital estate plan to reflect any changes in your digital assets, accounts or wishes. Failing to do so can lead to outdated information that no longer accurately represents your intentions or the state of your digital estate. As your online presence evolves, with new accounts created, old ones closed and digital assets acquired or disposed of, it’s essential to review and revise your plan accordingly. Set a schedule to revisit your digital estate plan periodically especially after major life events such as marriages, divorces, births or changes in financial circumstances.
Poor organization
A disorganized digital estate plan could spell disaster for its execution. Without clear organization, your digital executor or trustee may struggle to locate and identify all of your digital assets and accounts, leading to delays, confusion and potentially missed assets. To avoid this mistake, check that your digital estate plan is well-organized and includes detailed instructions on how to access each digital asset and account.
When making your digital estate plan, consider seeking legal guidance to help ensure that it complies with relevant laws and regulations and to receive professional guidance concerning complex issues of consequence. Doing so can help you to better safeguard your interests.