Digital Asset Vault.
Modern Estate Planning
and Digital Assets.
In today's world, estate planning must include digital assets. Wills give a designated person the authority to handle your estate, covering both physical and digital assets. However, managing digital assets can be complex.
Understanding Digital Assets.
We all have countless digital assets, even if we don’t think of them as such. These include:
Communication: Emails, social media, and online messaging.
Storage: Cloud services and computer files. Including photos and very important data.
Financials: Online bills, receipts, banking, tax filing accounts, and utility accounts.
Digital Assets: Cryptocurrency, domain names, and digital intellectual property.
Challenges in Digital Estate Administration.
Handling digital assets can make estate administration more stressful and time-consuming. Companies housing your digital information may hesitate to grant your executor access (no matter what your Will says), causing delays and additional expenses for your estate.
Digital Estate Planning Options.
Limited laws in the area and companies’ desires to avoid litigation at all costs further complicate the situation. Some platforms like Google, Facebook, and Apple offer options to set up a successor to manage your account after a period of inactivity. These options should certainly be set up where available but are not a fulsome solution.
The Modern Wills Digital Vault.
Powered by BePrepared.
To address these challenges, Modern Wills Law offers the Modern Wills Vault, powered by BePrepared. This secure cloud storage platform allows you to organize and store your digital records. Upon your passing, selected assets are quickly and securely delivered to your chosen recipients.
How It Works.
Create Your Account: Invited during the preparation of your estate documents with Modern Wills Law.
Add Contacts: Include executors, loved ones, and advisors, as appropriate.
Upload Files: Store important documents, passwords, and personal messages.
Choose Recipients: Specify who receives which assets.
Types of Information You Can Store.
Passwords & Logins: Access to emails, devices, and online accounts.
Documents: Legal, financial, and medical documents.
Photos & Videos: Memories stored on your devices.
Personal Messages: Videos or letters for loved ones.
Care Instructions: Details for children, pets, or business operations.
Security and Access.
Security: Triple-layer encryption and strict access controls ensure your data is safe.
Access: Only you can access your vault. Designated recipients will only see what you’ve shared with them.
Release of Information.
Verification: BePrepared will verify your passing through multiple confidants and legal professionals before releasing your data. First, confidants (trusted individuals notified of their role to ensure your data is released appropriately upon your passing) or Modern Wills will notify BePrepared of your passing. Both your confidants and Modern Wills must agree on this. If there is disagreement or refusal to participate by a confidant, there are additional steps that can be taken to confirm appropriate release of data.
By organizing your digital estate with the Modern Wills Vault, you can alleviate stress and reduce expenses for your loved ones. Start today and ensure your digital assets are managed according to your wishes.
Ready to Take the Next Step?
Whether you're looking to secure your legacy or navigate the administration of a loved one's estate, we're here to provide clarity, confidence, and peace of mind. Begin your journey with us by booking a free consultation today.
