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Do older adults need digital estate plans too?

On Behalf of | Feb 3, 2025 | Estate Planning

Estate planning is traditionally most focused on facilitating gifts of physical assets like homes, bank accounts and personal belongings in the event of an individual’s death. However, in recent years, an increasing amount of most American adults’ lives is stored online, which has led to an increasingly consequential need for digital estate planning. This is often just as true for most older adults who aren’t as “online” as many younger adults are. 

A digital estate plan is a strategy for managing and passing down online accounts, digital assets and electronic records after death or incapacity. A solid digital estate plan may address:

  • Online financial accounts: Banking, investment and retirement accounts accessed online
  • Social media and email accounts: Platforms like Facebook, Instagram and Gmail may store personal information and memories
  • Cloud storage and personal files: Photos, videos and documents saved on services like Google Drive or Dropbox
  • Subscriptions and digital services: Streaming services, online memberships and automatic payments that should be canceled.

Even if an older adult doesn’t manage most of their affairs online, chances are that they have at least some digital assets that need to be addressed in the event of their incapacitation or death. 

Why digital estate planning is important for older adults

Many older adults assume digital estate planning is only necessary for younger generations, but that is generally not the case. Seniors increasingly use online banking, social media and electronic communication, making it important for most of them to have a plan in place. Without clear instructions, family members may struggle to access or close accounts, leading to identity theft, financial losses or digital assets being lost forever.