In the age of PayPal’s, rewards’ programs and kickstarters, securing your digital assets is often overlooked when drafting a will. Providing clear guidelines regarding your digital accounts – including social media accounts – can help you protect your digital assets, as well as your personal details.
Transferring Your Digital Assets
As outlined on the Ontario Bar Association's website, the two main concerns regarding digital assets are how to protect your personal information, and how to protect any related finances. To address these concerns, the first step is to list of all of your digital accounts, and identifying what can and cannot be transferred to another person.
The next step is to make sure that you have completed the steps you need in order to transfer the accounts that allow you to do so. For the accounts that do not let you transfer ownership or assets, consult an estate litigation lawyer for how to provide further instructions.
Avoiding Identify Theft
After you pass, it’s possible someone else may hack into your online accounts and access your personal information. To avoid identify theft, you may have considered giving your login credentials to a trusted individual to close those accounts. While this is one option, it may not be suitable for every situation.
A Grey Area Of The Law
The rules and regulations created by digital platforms can vary from site to site. This area of the law is still developing, and each new case could potentially set a new precedent. If you have concerns about how to transfer or close digital accounts in a will, it’s important to address these issues with an estate litigation lawyer.