As a digital nomad, you can work from anywhere. However, this lifestyle creates unique estate planning challenges. How can you protect your assets and ensure others honor your wishes after you’re gone? Let’s look at your options.
Virginia law regarding digital assets
Digital assets include online bank accounts, social media profiles, cryptocurrencies and digital photos. Under UFADAA (Virginia’s Uniform Fiduciary Access to Digital Assets Act), you can decide who handles these assets after your death.
Creating a comprehensive estate plan
To create a comprehensive estate plan, consider the following steps:
- List all your digital assets: This includes login details and passwords, to ensure your fiduciary can manage them efficiently.
- Choose a trusted person: Designate someone to manage your digital assets after death and include this in your will or trust.
- Use online tools: Platforms like Google and Facebook offer features for setting preferences for account management after death.
These steps will help you manage your digital assets according to your wishes.
Additional considerations for digital nomads
Aside from creating your estate plan, it would be best if you also considered the following:
- Address assets in multiple countries: Consult an estate planning attorney to navigate international laws and ensure your estate plan is valid globally.
- Store your estate documents securely: Use a digital vault or cloud storage service your fiduciary can access.
- Review your estate plan regularly: Keep it current with your changing lifestyle and assets.
There may be other issues or concerns specific to your circumstances. In this situation, it is best to consult a lawyer.
Achieving peace of mind
Following these steps, you can protect your digital assets and ensure your wishes are honored, regardless of where you travel. Regular updates to your estate plan will give you peace of mind as a digital nomad.