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In the digital age, we live parallel lives online, leaving behind a digital footprint that remains even after we pass away. From social media profiles to online banking, our digital assets have personal and familial value, so it is crucial that we protect them in the present and prepare for them to be handled according to our wishes after we’re gone. At Borakove Osman LLC in Madison, our estate planning attorneys provide guidance on this important matter to clients throughout Wisconsin.

Types of Digital Assets

Digital assets encompass a wide range of online accounts and files including:

  • Social media accounts: Facebook, X (formally Twitter), Instagram, and LinkedIn profiles.
  • Online banking and financial accounts: savings, checking accounts, and cryptocurrency.
  • Email accounts: correspondence and information stored in email accounts.
  • Digital photos and videos: memories stored on cloud services like Google Photos or iCloud.
  • Online businesses: E-commerce sites, blogs, or any other revenue-generating digital platforms.
  • Digital book and music libraries: purchases on platforms like iTunes or Amazon Kindle.

Understanding the scope of your digital assets is the first step in planning how to manage them posthumously.

Why It Is Important to Protect Digital Assets

Digital assets hold both sentimental and financial value. Family photographs and videos stored online are irreplaceable memories, while online businesses or writings can provide ongoing income or value to your heirs. Moreover, unsecured digital assets can become targets for identity theft, hacking, or fraud after an individual’s death, making protection a priority.

What You Must Protect Digital Assets From

Digital assets are vulnerable to various risks, including:

  • Identity theft: Unauthorized access to personal information can lead to fraudulent activities.
  • Hacking: Weak passwords or unsecured accounts can be easily compromised.
  • Data loss: Without proper backup, digital memories can be lost forever.
  • Legal and privacy issues: Failing to plan can lead to complications for those you name to access and manage your digital assets after you die.

Steps to Take to Protect Your Digital Assets

Protecting your digital assets requires proactive, strategic planning:

  1. Make a complete and secured list of digital assets and passwords. Store this list in a secure location, such as a safe deposit box or with an attorney, and ensure that your executor has access.
  2. Remember to update your records regularly. Outdated lists will only confuse the issue so make sure to enter revised data or altered passwords on a regular basis.
  3. Secure your Wi-Fi. Make sure that your home network is secure to protect against unauthorized access to your digital assets.
  4. Review social media and other agreements. Understand the terms of service for each digital platform. Some platforms have specific policies for handling accounts after death, such as memorialization or account deletion options.

How Borakove Osman Can Help You Protect Your Digital Assets

Our experienced estate planning attorneys have an in-depth understanding of how essential it is to secure your digital legacy. More than that, we have the skill set to help you to do so. Contact us now for advice tailored to your particular needs. We will work hard to make certain your estate plan, in addition to all the other valuable purposes it serves, comprehensively covers your digital assets.

Services we provide include: 

  • Legal guidance on all aspects of digital asset management, such as advising on the incorporation of digital assets into your will or trust.
  • Secure documentation by creating of secure and legally binding documents that specify your wishes for each digital asset.
  • Privacy protection by ensuring that your estate plan respects privacy laws and digital platform policies.
  • Future-proofing your estate by providing strategies to keep your digital estate plan updated both in terms of changes you make and change that reflect technological advancements and changes in digital asset laws.

Contact Our Experienced Digital Asset Planning Attorneys Now

At Borakove Osman, we are dedicated to the principle that in order to be functional your estate plan must cover every aspect of your life, including your digital assets. Get in touch with us now to ensure that the legal and financial protection you provide for your family covers all the bases.