DIGITAL PROBATE ↓↔↓
In the current digital world of today, most individuals communicate, make financial and business transactions online. We are expected to have credit or debit cards, email, smartphones, personal computers, social media accounts, websites or blogs and so on. When you try to avoid all these listed above and stick with the old fashion ways of doing things such as using deposit slips and checks, you will be tagged as an old person. You will be like an individual who is insisting on using an old car. Sooner or later, you may not get the parts needed or available service to keep you on the go.
However, every digital asset available has to be password protected, in other to ensure your privacy and data is secured. Also, these passwords are fixed in a system that is multi-factor authenticated, which will require you as an individual to have access to another device such as a PC or mobile phone, with a password of its own. Which will enable the user to authenticate the master password?
But have you ever thought about what will happen when you become incapacitated or die eventually, and no one has the details of your passwords, access codes, login details and PIN numbers?
The answer to the question above is “A period of digital probate which can be lengthy.” But you can avoid this by taking steps to ensure your digital life is secured.
Not all countries have established laws to regulate the access to and inheritance of digital property. But the countries who have created the protection of digital assets law, which will provide the family of the deceased with procedures and rights to access and manage the assets. However, these processes can be very complex, expensive and time-consuming.
This means it’s up to an individual to ensure that a digital probate is avoided by ensuring your digital life and asset is secured ahead of time. Below are some ways in which an individual can ensure his/her digital life is obtained and can avoid a digital probate after death.
Make an Inventory of Your Digital Assets
You have to ensure that all your digital accounts, such as passwords and login ID are listed. You should include all your details, from your bank accounts to social media accounts to your accounts on various online shopping sites and other financial accounts such as PayPal and so on. Hence, you will need a password manager that is very handy, to ensure your inventory of digital assets is kept secured.
Create an Online Vault
Using a password manager to store all your digital information, but there are chances that a password manager could be hacked and some digital assets such as cryptocurrencies need to be recorded separately. That’s why various online storage companies provide special tools to secure login ID, passwords, and other sensitive data. You can google search for a cloud storage firm with some great protocols for encryption.
Create a Plan for Your Digital Life
When you create a plan for your digital life, you will have a distinct and definite intention about who will have access to your information and inherit all your digital assets. These should be included in your will, but you can always take a step further of giving the password information of your login detail to your digital vault /password manager to a trusted individual such as your siblings, lawyer or spouse.
You may not want to give a reliable person all your information. For instance, you can give a trusted individual the details to your less-sensitive assets such as social media, online shopping and others, and another trusted person details on your financial accounts. Your digital life and assets are precious as any other asset that’s why you need to create a plan for your digital life, in other to avoid digital probate or to lose all your digital assets.
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