Most of today’s young adults grew up electronically connected to the world. As such, most young adults each boast a significant digital footprint that includes everything from social media accounts to online banking, email and even virtual currencies. This shift has given rise to the critical need for digital estate planning, even among younger adults.
Estate planning is usually associated with the needs of older generations. However, the essence of a digital estate plan lies in preparing for the management and disposition of one’s digital assets in the event of incapacitation or death. As such, adults of any age – including very young adults – can benefit from better ensuring that their personal information remains protected and that assets are distributed according to their wishes.
Why act now?
For young adults, the notion of mortality might seem distant, making the act of estate planning appear less urgent. However, the reality is that unforeseen circumstances can occur at any age, making it important to have arrangements in place for digital assets.
These assets are not solely about monetary value; they encompass the sentimental, such as photos and videos stored online, personal correspondence and the management of social media profiles. Without a clear plan, accessing or managing these assets can become a complicated and emotionally taxing process for loved ones. Moreover, in the absence of directives, privacy laws and the policies of online platforms can severely restrict access to digital accounts, leaving families unable to retrieve cherished memories or important documents.
By creating a digital estate plan, young adults can provide clear instructions on how their digital life should be handled, designate someone to manage their online presence and decide whether accounts should be preserved, deleted or transferred.