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National Digital Privacy Day was on January 28^th, reminding us to review our digital assets and cybersecurity. As the digital age continues to advance, individuals and businesses alike are accumulating more and more digital assets.  From important documents and files to social media accounts and emails, domain names and intellectual property, as well as crypto and other virtual currencies, these assets are becoming increasingly valuable, but they can be difficult to manage and protect without a proper plan in place.

Here are some reasons why it’s crucial to plan for your digital assets:

1. Protect your legacy: Your digital assets can hold a wealth of personal and sentimental value, from family photos to personal writings. Without proper planning, these assets may be lost or forgotten after you pass away.
2. Secure sensitive information: Digital assets may contain sensitive information, such as financial records and personal information, that should be protected. Planning ahead can help ensure that these assets are secured and kept confidential.
3. Avoid disputes: Without a plan in place, disputes may arise over who has the right to access or control digital assets after the owner passes away or becomes incapacitated. Having a clear plan in place can help avoid these disputes.
4. Maintain control: By planning ahead, you can ensure that you have control over your digital assets, even if you become incapacitated or pass away. This includes deciding who will have access to your accounts, who will manage them, and what will happen to them after your death.
5. Save time and money: If you don’t have a plan in place for your digital assets, it can take a significant amount of time and money to sort things out after a loved one passes away or becomes incapacitated. Having a plan in place can save you time and money in the long run.

You can start protecting your digital assets and personal data by updating passwords and security settings on devices, apps, and online accounts. To add to your security, you can use virus protections or firewalls, and enable multifactor authentication where available. You can limit the number of authorized users that have access to the accounts to prevent cyberthreats. You can include the domain name for your company’s website as part of your overall trademark. And like with checking bank statements, you can regularly review your digital accounts and assets for suspicious activity. Improving your data privacy and security planning for your digital assets is crucial to ensure that they are protected, secure, and managed properly. Whether you’re an individual or a business, taking the time to create a plan can save you time, money, and prevent disputes in the future.

To learn more about how to include protecting your digital assets as part of your estate plan, contact us at (248) 409-0256 for a complimentary consultation.