In today's digital age, our lives are increasingly stored online and on devices. Our digital assets hold significant personal and sentimental value, from treasured family photos and important documents to social media profiles and digital art. However, unlike physical assets – think printed photos in frames or your children’s artwork hanging on your refrigerator – digital assets are often at risk of being lost or becoming inaccessible over time. 

In the next few paragraphs, we explore some of the challenges of digital asset loss, plus helpful strategies you can use to make sure your family’s memories survive for the next generation.

Although the internet’s official birthday is January 1, 1983, digital assets truly began to take hold of people’s lives with the inception of Facebook in 2004. Suddenly, college students nationwide were uploading photos and stories to their “Walls” rather than printing them to share. In the intervening years, everything from Google Photos to Instagram to Microsoft OneDrive has made it easy for people to store their memories in the cloud rather than in shoeboxes. 

All of the components of your life you store on the web can be considered digital assets. Although every person has a unique digital footprint (much like a physical fingerprint!), the following are some of the most common digital assets:

While online storage is undeniably convenient, digital assets face several risks that can lead to their loss – and, in turn, the loss of some of your family’s precious memories:

Since digital assets are a relatively new phenomenon, the process of passing down data and accounts to one’s next of kin is an evolving process. As it stands, it requires careful planning to ensure your online life can be passed down to future generations. Here are a few common challenges:

There are important steps you can take to protect your digital assets, ensuring they can be passed down to your loved ones. Follow this plan so your online life isn’t lost in cyberspace when you’re gone:

Include instructions for accessing your digital assets in your will. Specify which assets should be passed down and to whom. Work with an estate planner who understands digital assets to make sure your plan covers all bases.

A password manager can securely store your login credentials and allow you to share access with trusted individuals. Make sure your heirs know how to access this tool. This prevents the common issue of forgotten passwords and ensures that your digital accounts can be accessed when needed.

Regularly back up important digital assets to multiple locations. This includes using external hard drives, cloud storage services, and even physical copies where possible. Redundancy is key to protecting against data corruption and hardware failure.

Some platforms, like Google and Facebook, offer legacy contact options that allow you to designate someone to manage your account after your passing. These services, as well as secure storage services like Kwillt, can help ensure your digital presence is maintained or appropriately memorialized.

Keep an updated inventory of your digital assets, including instructions on how to access them. This can be invaluable for your heirs, providing a clear roadmap to your digital estate. Organize your files and make sure they are easily searchable and understandable.

Digital assets are an integral part of modern life, holding significant personal and sentimental value. However, they are also vulnerable to loss and can be difficult to pass down to future generations without proper planning. By understanding the risks and implementing strategies to safeguard your digital legacy, you can ensure that your cherished memories and important digital assets are preserved for your loved ones. Start planning today to protect your digital heritage and ensure it endures for generations to come.

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