Planning your will? Here’s what you MUST include
Digital assets can be as valuable as physical ones today. However, many people forget to include them when planning their estate, especially their digital inheritance.
Alex Wilson, from Affordable Urns, a memorial service company, has seen how incomplete wills can hurt grieving families both emotionally and financially.
They often see problems arise from outdated or incomplete wills. Digital assets have made estate planning more complicated, and most people are unprepared for it.
Why digital inheritance matters
One big mistake in modern wills is leaving out digital assets altogether. These can include:
- Cryptocurrencies like Bitcoin
- Digital collectibles (NFTs)
- Online investment accounts
- Digital payment accounts (PayPal, Venmo, etc.)
- Online bank accounts
- Loyalty programs and airline miles
- Online businesses
- Subscription services
- Shopping sites with store credit
Many people aren’t aware of the importance of documenting digital assets. Even small amounts, like loyalty points or PayPal balances, can add up and should be accounted for.
Digital assets don’t transfer automatically to your heirs
People tend to think digital assets will automatically go to their heirs. But privacy laws and website rules can make it very hard for families to access online accounts without clear instructions in the will.
Even if your family knows your passwords, many websites need legal papers to transfer ownership. This means digital assets could be lost if not properly planned for.
How to protect your digital inheritance
Here are four steps to secure your digital legacy.
1) List your digital assets
Make a complete list of all your digital assets, including cryptocurrency, NFTs, email, shopping accounts, and social media accounts. Families often miss valuable digital items because they didn’t know about them.
2) Keep the list updated
Every time you add a prepaid balance to an online store or sign up for a new subscription, make sure to update your digital asset list. It might feel like an irritating task, but it could make all the difference in helping your family access and reclaim any unspent funds later on.
3) Choose a digital executor
Pick someone you trust to handle your digital assets, just like you would for physical property. “This person should be good with technology and understand how to use online accounts.
4) Include digital assets in your will
Clearly state in your will how you want your digital assets to be handled. Be sure to provide specific instructions on how to access these assets and how they should be allocated as part of your inheritance plan. This can prevent confusion and ensure everything is distributed as you intend.
Enjoy the peace of mind that comes from proper planning
Proper estate planning helps both you and your loved ones feel more at ease. When you update your will to include both physical and digital assets, you’re making things easier for your family during an already difficult time.
By including all aspects of your life in your will, you can protect your legacy and avoid legal issues. Plan for and protect everything you’ve built, both online and offline.
In short, don’t forget about your digital assets. With a few simple steps, you can make sure your online legacy is as secure as your physical one. Planning ahead will give you and your family peace of mind.
Affordable Urns is dedicated to providing a diverse selection of cremation urns and memorial products, emphasising dignity and respect for loved ones. They offer a wide range of high-quality urns crafted from materials such as wood, brass, ceramic, and aluminium, available in various designs from classic to contemporary.
