Managing Digital Assets in Your Illinois Estate Plan

 Posted on October 27, 2023 in Estate Planning

Nowadays, most of us have tons of valuable digital assets - from social media accounts to cryptocurrency wallets. Making sure these all get adequately handled after you are gone takes some planning. Working with an Illinois lawyer to include digital assets in your estate plan is wise to ensure it is all legally done right.

Why Digital Assets Matter

Digital assets can have financial and sentimental value, so they are important to address in your estate plan. Online accounts, photos, videos, and domain names are valuable and should be managed carefully. Leaving behind an unfinished online presence can also complicate things emotionally for grieving loved ones.

Take Inventory of Your Digital Assets

Start by making a thorough list of all your digital assets, such as:

• Email accounts (Gmail, Yahoo, work email)
• Social media (Facebook, Instagram, Twitter, LinkedIn)
• Photos/videos (iCloud, Flickr, YouTube)
• Websites and domain names
• Online financial accounts
• Cryptocurrency wallets
• Memberships and loyalty programs
• Online shopping accounts (Amazon, eBay)
• Cloud storage (Dropbox, Google Drive)

Write down the login info, passwords, and any other important details. Keep this list secure but share it with your estate planning lawyer and chosen digital asset executor.

Pick a Digital Executor You Trust

Choose a responsible person to handle your assets after your death and make them your official digital executor in your will or trust. This should be someone tech-savvy who will follow your wishes. Give them instructions and access to your accounts.

Review Website Policies

Read through the terms of service and legacy contact policies for websites where you have accounts. Facebook lets you pick a legacy contact, for example. Take advantage of any available options to plan for account handling if you pass away.

Give Clear Legal Instructions

Explain exactly how you want each digital asset handled - deleted, memorialized, transferred to heirs, etc. Update this often as you acquire new digital assets. Don’t put sensitive info like passwords in your will.

Talk to a DuPage County, IL Estate Planning Lawyer

Estate planning can get legally complicated. Connect with a Cook County, IL estate planning attorney to make sure your digital assets are fully covered. This will give you peace of mind that your digital life will be managed appropriately if the worst happens. With the right planning and legal support, you can ensure your digital assets and accounts are easily passed on according to your wishes. Call Whitacre & Stefanczuk LTD at 773-622-6100 for a free consultation.