…… all your family needs when you are not around is ‘information at the right time’.
Last month the the UK Law society has urged people to leave clear instructions about what should happen to their social media and other online accounts ( You can find more information in this article ). We are glad that UK law society is understanding the importance of digital assets and information and how critical this information is for the family when you are not around to give them this information.
I have already blogged about digital assets here so I will not explain them in this post.
However I will remind you again about the digital footprint that is generated. Due to continuous digitisation, all our financial and emotional lives have gone on-line right from bank accounts , insurance policies, utilities bill arrangement to photographs and videos. With every single online activity we are creating a digital footprint. It is important to keep a list of all the digital or online accounts for two reasons:
a) To understand and find out how many online accounts you have. This can give an idea of size of the digital footprint generated.
b) To help the people you leave behind. Keeping a list of all the digital accounts and writing down the wishes of what to do with those accounts can help save a lot of time for the people you leave behind.
In the absence of any information about the digital and online accounts, there can be huge emotional and financial losses and unclaimed assets. Our emotional and precious moments remain locked in the online world forever. You can read more about the value of the photographs in this blog post.
Even insurance policies, one of your important assets stay locked in the on-line world or goes to unclaimed assets due to absence of information. I have blogged about the lost insurance policies in this post.
Having a list of all the accounts and assigning your wishes for that account to a digital executor can be very useful for the family. This is where PlannedDeparture steps in and solve the problem of information asymmetry and information inheritance.
Because all your family needs when you are not around is the ‘information at the right time’.