Legacy Suite Outlines How New 'Digital Executor' Role Can Avoid Pitfalls in Modern Estate Planning
NEW YORK, June 13, 2023 (Newswire.com) - When a loved one dies, one issue the family must manage is ensuring that the person's digital assets - passwords, documents, media, cryptocurrency and more - transition to heirs. Establishing a "digital executor" and providing that person with an effective toolset can avoid pitfalls and make that transition simple, according to Legacy Suite, makers of a comprehensive set of solutions for managing digital assets.
As the world continues to shift from paper to digital and electronic assets have become a larger, more significant and more complex portion of a person's estate, digital executors have come to play a vital role in the estate management process.
"Incorporating a digital executor into the estate planning process helps to ensure a smooth transition of digital assets and online presence, providing peace of mind for both the deceased and their loved ones," said Sean Foote, CEO and founder of Legacy Suite.
Foote said the digital executor's chief role is identifying and cataloging a person's digital assets, which can be varied and extensive: online financial accounts, email accounts, social media profiles, blogs, and websites to digital photos, videos, and other digital files.
Once identified and inventoried, the digital executor must secure those assets while also establishing ongoing access to them. That can entail changing login credentials and passwords, recovery options, contacting service providers and other measures necessary to preventing unauthorized access.
With assets secured, the digital executor's next responsibility is managing the assets of the deceased person in accordance with their wishes as expressed in their estate plan. That can include transferring ownership of certain assets to beneficiaries, closing online accounts, deleting specific files, and possibly establishing a system to maintain websites or social media profiles as a memorial.
Digital executors may need to address any of the estate's financial obligations, such as outstanding debts or paying recurring fees associated with digital assets, or legal obligations stemming from the digital assets, such as copyright or privacy concerns. The digital executor also must maintain the deceased's privacy and confidentiality throughout the process.
"With our comprehensive solution for managing digital assets, Legacy Suite can support digital executors in managing all of these concerns," Foote said.
Legacy Suite establishes an encrypted vault for saving and backing up important digital files, such as identification documents, guardianship directives, family records, power of attorney documents and insurance policies, and ensuring the digital executor can share them with designated representatives and beneficiaries.
"Our solution creates efficiencies to share critical documents and credentials, which can in essence place the transfer process of assets on autopilot, empowering your digital executor to accelerate the inheritance timeline for your heirs," Foote said.
To learn more about Legacy Suite, visit legacysuite.com.
About Legacy Suite
Legacy Suite is a complete end-to-end solution providing first-class digital estate planning support, including wallet monitoring and crypto wallets. Legacy Suite is a secure solution for crypto self-custody and password management, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin.
Source: Legacy Suite
