How to Handle Digital and Online Assets in Wisconsin Estate Planning
In today’s digital age, managing online and digital assets has become a crucial aspect of estate planning. In Wisconsin, as in many other states, individuals need to consider how their digital footprint will be handled after their passing. This includes everything from social media accounts to cryptocurrencies. Here’s how to effectively handle digital and online assets in Wisconsin estate planning.
1. Identify Your Digital Assets
Start by creating a comprehensive list of all your online and digital assets. This list can include:
- Social media accounts (Facebook, Twitter, Instagram, etc.)
- Email accounts (Gmail, Yahoo, etc.)
- Banking and investment accounts
- Cryptocurrency wallets
- Online subscriptions (Netflix, Amazon Prime, etc.)
- Digital photos and files stored online (Google Drive, Dropbox, etc.)
2. Document Access Information
For each asset, document the necessary login information, including usernames, passwords, and any two-factor authentication details. It’s vital to keep this information secure yet accessible to your designated heirs or executors. Consider using a secure password manager for this purpose or include it in a secure location, such as a safe deposit box.
3. Designate an Online Executor
In your estate planning documents, name a trusted individual as your online executor. This person will be responsible for managing your digital assets after your death. Having a designated executor can help ensure that your online presence is handled according to your wishes.
4. Understand Digital Assets Law in Wisconsin
Wisconsin has specific laws regarding digital assets. The state enacted the “Revised Uniform Fiduciary Access to Digital Assets Act” which allows fiduciaries (like executors) access to a decedent's digital assets. However, it’s essential to understand not all online services have the same policies. Some platforms may require a court order for access, while others may allow it with a death certificate and identification.
5. Create a Digital Will
A digital will specifically addresses your digital assets, outlining how you wish for them to be handled. This can provide clear instructions on whether your social media accounts should be memorialized, deleted, or passed on to someone else. Keep in mind that your digital will should be included and referenced in your broader estate plan.
6. Regularly Update Your Estate Plan
Your digital assets may change over time as you create new accounts or change passwords. Regularly review and update your estate plan to include any new digital assets and ensure that all information is current. Set a schedule, such as annually, to keep abreast of these changes.
7. Educate Your Heirs
Finally, it’s beneficial to educate your heirs about your digital assets and your plans for them. Open a dialogue with your family about what you own and what you would like to see happen to each item. This can help alleviate confusion and reduce the possibility of disputes after your passing.
Handling digital and online assets in Wisconsin estate planning is essential in our tech-driven world. By taking proactive steps to identify, document, and plan for these assets, you can ensure that your digital legacy aligns with your wishes and provides ease for your loved ones during a challenging time.