There is a lot of misinformation about wills and estate planning. Some of the more common ones are surrounding digital assets in your will.
So much of what we do is handled digitally. From banking and payments to communication and paying bills, we conduct much of our personal business online. With that in mind, there are plenty of things that will need to happen once you pass away.
The use of technology presents its own share of problems once we die. What is the password to your online banking account? How do you login to your social media profiles? All of these and more need to be handled once you’re gone, but there has never been an easy way to do so, until now.
Digital Assets Are NOT Automatically Covered In Your Will
Contrary to popular belief, digital accounts are not automatically handled in your will. You need to create a digital will in order to have them covered. For example, if you created a will already, did you include your iCloud login information? Probably not. So what happens to all of those photos and videos you have of the special occasions in your life? If you don’t have the login information made accessible to a loved one, they will be lost forever.
Similarly, although your banking information may be included in your will, what about your PayPal or Venmo accounts? If you are carrying a balance in them, that information is most likely not in your will. If you want the money to be left to someone, you should create a digital will to ensure it is dealt with according to your wishes.
In addition to these types of accounts, nearly all of us have automatic renewals on subscriptions we have purchased. In order to cancel them so they are not impacting your estate, you will want to have these logins and passwords accounted for in a digital will also.
Your Will is NOT Automatically Executed Once You Complete It
Wills need to be filed with the county court for probate purposes in order to be executed. You must also appoint an executor in your will who will serve as the administrator. Simply filling out the paperwork and filing it does not guarantee that your estate will be handled in the manner you desire.
Currently, online will companies do not use technology to execute your will. They simply print out a PDF that you must still file and provide a copy of to your executors. A true digital will from DigitalWill.com uses smart technology to pass the information needed to your chosen executors, taking human error out of the process. A digital will also helps you remove probate from the estate planning process, as these assets are not the same as others you would list in a legal will.
By preparing your digital will at DigitalWill.com you have the peace of mind knowing that your digital assets will be bequeathed according to your wishes, and will be executed regardless of the situation at hand.
Digital Wills & Online Wills Are NOT the Same
This is one myth that needs to be dispelled quickly. An online will is a document you fill out and then print. You must still take this document to your local court and file it with probate. Your digital assets may or may not be included, depending on what forms you have completed.
A digital will from DigitalWill.com is handled by our smart technology and does not need to be filed with any court system. In addition, it gives you the flexibility to change it whenever needed, without having to pay for amendments. Just think of how often you have changed passwords for your email account or your Facebook profile. If you had to pay a lawyer for updating this every single time, you would be bankrupt.
In addition, DigitalWill.com also gives you the ability to document your funeral wishes, and leave individual messages to your loved ones. Online wills do not give you this option, as they are not a new technology, but a simple form to fill out.
A digital will can give you the true flexibility and freedom you have wanted from estate planning for a long time, so be sure to sign up to get yours completed today.