Hopefully all readers have their wills and enduring powers of attorney in place.
Something you may not have thought about is your “digital” affairs.
Many of our family heirlooms are now digital.
Consider your social media profiles on Facebook, LinkedIn and others, your photos on Dropbox or your entertainment on Netflix or iTunes, money in online bank accounts and in cryptocurrency digital wallets.
If you die, who will have access to these? A digital will is a document that instructs your executors on how to manage your digital presence and assets after you have died. It is important to keep a register of accounts, usernames, passwords etc, taking into account the importance of keeping these confidential and secure.
It is important to understand what you own, what you licence and whether your digital rights outlive you.
69% of Australians are active social media users, but very few know what happens to their social media profiles after they die. They are programmed to live forever. Most social media platforms do provide options to control what happens to accounts after death. Each social platform has its own policy for account closures in the event of death.
Simple digital legacy planning can protect your privacy and remove the burden from your loved ones.
This article is an extract from an article published in the June 2018 issue of In The Black.