Estate Planning & Digital Assets

Estate planning is a crucial step in Christian stewardship, involving the creation of wills, trusts, the designation of powers of attorney for finances and healthcare and determining the distribution of estate assets to family and ministry after death. The management of digital assets has become an increasingly important step in estate planning.

In early 2000, the Pew Research Center began systematically tracking Americans’ internet usage, revealing that 50% of all adults were online. Today, 95% of U.S. adults use the internet.

As our lives become more intertwined with electronic devices, from basic email accounts to maintaining finances and accessing sensitive information, these questions arise: What happens to these digital assets after death? Where does one begin in adding this important information to their estate plans? Who should have access to your digital assets?

What are digital assets? They are usernames and passwords for electronic accounts. Digital assets include photos, videos, email, and social media accounts. They can also involve access to bank accounts and cryptocurrency. So, what are some first steps in gathering this information for estate planning?

1. Take an inventory of all digital assets.
2. Document all usernames and passwords in a secure place that your attorney or personal representative knows about.
3. Determine a practical way to store and update this information.

Next month we will discuss what are some first steps in gathering this information and how to implement these measures effectively. For questions, contact Nick Davis, Director of Advancement.