Have you ever thought about what happens to digital accounts after someone passes away? Many celebrities, such as musicians, sometimes die without leaving a will about their social media accounts. These are social media accounts with hundreds of thousands, and sometimes millions, of followers. However, nobody can log in after they pass away, and their social media accounts get frozen in time. The same applies to other digital assets.
There are various other digital assets. It can be an email account or a Paypal account. Many of these digital assets can only be accessed via a password. Others may require a two step verification process that requires the owner to enter a code that was sent to their smartphone. Unless the owner takes steps to make sure that there is a plan for their assets after they pass away, then what is going to happen is something called digital probate. It will be a lengthy probate process regarding their digital accounts. Visit linkedin.com to know more about Ted Bauman.
The fact is that there are no federal laws about this. It is a good thing that twenty nine states have enacted laws about this, but it is still a lengthy and complicated process that can cause a lot of confusion. Therefore, it is important to take steps to avoid digital probate. Ted Bauman says that the first step towards doing so is making a list of your digital assets and their passwords. You can use a password manager for easier access. You can then give the password to someone you trust. You can also leave a will. It is truly important to leave a will where you divide up your digital assets, including not only stuff like your social media accounts, but your bank and other financial accounts. You can use a software like SecureSafe that lets you send a digital letter to your inheritor with information about how to access the account. You do not have to give one person everything. You can let one person have access to your social media accounts, while giving other people access to your bank accounts or software that you purchased and want them to be able to use. Many digital accounts that you bought are valuable and cost money, and there is no reason why you should not give them over to your loved ones.
Ted Bauman is an experienced investor and the editor of The Bauman Letter.