Are You Set Up To Protect Your Digital Assets?
New Year’s resolutions are in full swing, and in this new year of 2021, understanding how to protect your digital assets seems like a hot topic. Data security is in the headlines, and digital privacy is the new black. On January 28, 2021, we will recognize National Data Privacy Day, making this month a perfect time to consider working to ensure that our digital assets are secure now and in the future, including after we pass on. Did you know that digital assets can be included in your estate planning? Part of securing your digital assets may be planning for the future and this can be accomplished while estate planning. The following guidelines may help you understand how to include digital assets in your estate plan while keeping them secure in the meantime.
How Can Protect Your Digital Assets?
Protecting and preserving your passwords can be a critical step in addressing the security of your digital assets. Many digital assets are protected by passwords. It can be tough to keep track of all of the different passwords you use to access different accounts on a frequent basis, and you may have resorted to the memory feature on your Web browser to do it for you. Unfortunately, this may not be the most secure of practices. It can be important to choose strong passwords that could not easily be guessed, and to change them frequently as a matter of course, even if only once per year. It is also important to check in to ensure your passwords have not been compromised. If they have, update them immediately. As for keeping track of your passwords, make a written list and keep it in a locked desk drawer or safe deposit box. It should be somewhere you can access frequently, whenever you need to make updates to the list.
Your digital assets can become part of your estate plan. Some digital assets are financial, like a digital Paypal, Venmo, or bitcoin account. Some are sentimental, like a collection of photographs or videos of your children and grandchildren. Either way, someone needs to be able to access these assets after you pass away. Pick a “password person” who can be trusted with this information and keep them informed of where you keep your password list so they can access it when the time comes. You may also wish to detail who should have access to your digital assets when you write your will, or leave your executor instructions with respect to your passwords.
Contact The Law Offices of Clifford M. Cohen Today!
For assistance including your digital assets in a strong estate plan, our office can help. Please reach out to us to schedule an appointment.