Managing Your Digital Legacy: Important Steps and Considerations
Learn about digital legacies, including what they entail, types of information involved, and how to manage them effectively. Understand the significance of organizing passwords, online accounts, and digital assets to ease the process for your loved ones after your passing.
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Presentation Transcript
Digital Legacy vs Estate It used to be that the executor would follow a standard roadmap to settle an estate. Locate the written will and follow the instructions Be prepare to help plan a funeral or memorial service Clean out the house and dispose of tangible assets Go through all file cabinets, drawers and closets looking for all papers File tax return Handling the administrative and financial details after a loved one s death can be emotionally and logistically brutal but at least everything you were dealing with was tangible. Today, however, how do you sort through the deceased one s digital accounts and possessions when you do not even know what they are?
Digital Legacy What is a Digital Legacy A digital legacy is the digital information that is available about someone following their death. Someone's digital legacy is often formed by information that they leave online. Digital legacy can also be assets that were purchased, but reside in the cloud or with online services. These may include photos, videos, music, websites, blogs and eBooks etc. Important documents like a will should not be stored in a safety deposit box or in the cloud . You may want to check with you bank to find out if you re executor can access your safety deposit box.
Digital Legacy Types of Information Online accounts such as Apple ID, Google, Netflix, Amazon etc. Social media accounts (Facebook, Instagram, Google, Twitter etc.) Online licenses (Software, online subscriptions etc.) Passwords Bank Accounts & other financial accounts Email accounts Cloud services such as Google Photo, Dropbox etc.
Digital Legacy To get started, it is recommended to break down the digital estate- planning into bite-sized chunks, and it helps to sort the tasks into categories. There are four major components to your digital life: your passwords your online bank accounts and financial life your digital assets, like photos, books or music your email addresses and social media
Digital Legacy Passwords You must make sure that your executor can access your computer, your phone, and your accounts. You could just leave a piece of paper on your desk with all your passwords on it, but doing so presents some obvious problems. passwords tend to change quite frequently Leaving a password list laying around poses a serious security issue One solution is a password manager such as: Lastpass, Dashlane, Roboform, KeePass, 1Password, Password Genie No matter what you use, YOU MUST create a list and store it in a secure place.
Digital Legacy Bank Accounts and Financial life It s very green of you to do away with your paper bank statements. However, your executor still needs a way to know what your accounts are and how to access them. Write down where you bank, what the account numbers are, as well as any investment account you may have. By addressing our financial and legal documentation and keeping it current during our lives, we can help make our passing easier on those left.
Digital Assets Digital assets are possession that are purchased, stored or available on digital devices or online services. Digital assets and someone s digital legacy are often spread across two main locations. Online services iTunes, Amazon, Paypal, eBooks, Loyalties cards, Gift cards etc. . Digital devices Smartphone, tablets, computers, removable hard drives
Digital Assets Online Services All Online Services are governed by Terms of Service to which you have agreed to in order to used those services. (most people have never read them) It is important that you understand your rights and the terms of service entered into with each provider. Example The Apple iTunes terms of service agreement states that your license is non-transferable and will end automatically if you fail to comply with the terms of the agreement. Apple is silent about what happens to your library after your death. However based on the previous statement, it would appear that your music library follows you.
Digital Legacy Email addresses & Social Media networks Everyone who has online accounts should document what sites they use and what they would like to happen to those sites should something happen to them. Online Account name & PIN Username / Email Address How you want this account to be managed (Close, memorialize, deactivate) Who you would you like to manage this account on your behalf
Digital Legacy The Digital Legacy Association is the professional body for digital assets and digital legacy. Even though the organization is UK based, much of the information applies internationally. Email & Social Media Template Facebook guide Twitter guide Instagram guide Linkedin guide Google guide
Digital Legacy Resources The Digital Legacy Association https://digitallegacyassociation.org Dying Matters, Let s Talk About It http://www.dyingmatters.org/page/planning-ahead RBC - Have you planned your digital legacy? https://www.rbcwealthmanagement.com/ca/en/research-insights/have-you-planned- your-digital-legacy/detail/ Digital Legacy Plan - A Guide to the Personal and Practical Elements of Your Digital Life Before Your Die https://www.amazon.ca/Digital-Legacy-Plan-personal-practical/dp/1770403108 $19.65 on Amazon.ca
