Digital Asset Technology & Management

When something is non-fungible, it is irreplaceable, unduplicable, and cannot be exchanged. Non-fungible tokens, or NFTs, have a distinct digital signature.. Unlike cryptocurrencies and physical money, which are fungible and interchangeable, NFTs are unique. They are considered digital assets and may be present in a variety of formats such as videos, photos, audio files, and beyond. However, some believe that having physical assets represented by digital assets like NFTs also makes it easier to conduct transactions and prevent fraud. 

Since NFTs are generally considered one-of-a-kind, some have limited editions that can increase their value in the market to potential buyers and sellers. Creators mint NFTs on blockchain platforms and can include additional information in the metadata for authentication purposes. Additionally, since NFTs can have programmable attributes and can only have one owner at a time, some creators can collect royalties whenever their NFTs are resold to new owners. 

Due to their overall popularity, NFTs have many different use cases. Common examples include event tickets, digital collectibles, in-game items, credentialing, royalties, and customer engagement. Although many remain skeptical of their usage, NFTs have ultimately changed how people interact with digital content and likewise, how they perceive digital assets. 

Given the implications for ownership and potential value to creators and consumers alike, NFTs and other digital assets must be taken into consideration during the estate planning process. Although NFTs are associated with high volatility within the market, this technology is likely to continue evolving and shaping transactions in the future. Ultimately, NFTs indicate an innovative transition in digital ownership and asset management.

Sources

“Complete guide to NFTs and estate planning.” Trust & Will.  https://trustandwill.com/learn/nft 

“Non-fungible tokens (NFTs) explained.” AWS. https://aws.amazon.com/blockchain/nfts-explained/ 

“What are NFTs and how do they work?” Kaspersky. https://usa.kaspersky.com/resource-center/definitions/what-is-an-nft 

“What is an NFT? Non-fungible tokens explained.” Forbes Advisor. https://www.forbes.com/advisor/investing/cryptocurrency/nft-non-fungible-token/ 

Google’s Inactive Account Manager is a feature that allows users to plan what should happen to the digital assets and data in their Google account if they are inactive for a specific length of time. Google will refer to activities such as usage of Gmail, Android check-ins, last sign-ins, and other activities tracked in “My Google Activity” to determine whether the user is inactive. The account will be considered inactive if the user has not participated in these activities within a designated length of time, which the user can define when setting up the Inactive Account Manager. 

When setting up Google’s Inactive Account Manager, users can indicate what should happen to their data when they become inactive. They can share the data with someone they trust or let Google delete it instead. If they decide to share the data with a trusted individual, that person will receive an email with a subject line and message written by the initial user at the time of setup. This email will include the list of available data to review and steps to access the account. 

The flexibility of using Google’s Inactive Account Manager demonstrates the practicality of tools that enable digital legacy management. Deciding what data should be shared, who it should be shared with, or if it should be deleted enables individuals to protect their privacy in the event they stop using their account, such as due to severe illness or death. It ensures that important or valuable data can be shared with friends and family if preferred and helps users make necessary decisions regarding their digital footprint with Google’s vast array of services. Ultimately, like many other tools, Google’s Inactive Account Manager helps users maintain control over their online presence and digital legacy when they need it the most. 

Sources 

“About inactive account manager.” Google Account Help. https://support.google.com/accounts/answer/3036546 

“Set up your inactive account manager.” Google Guidebooks. https://guidebooks.google.com/online-security/protect-your-google-account/inactive-account-manager?hl=en-us 

When someone dies, their Facebook profile can be memorialized to provide an online space for their friends and family to reflect and share memories of the person who died. Facebook allows these accounts to have a legacy contact responsible for managing the memorialized page. Individuals interested in having their Facebook profile transitioned to a memorial page in the event of their death are instructed to select a trusted individual who can make key decisions and take on certain responsibilities regarding the account. These decisions and responsibilities include: 

• Deciding who can view and post tributes if there is a tribute area on the profile 
• Deleting tribute posts 
• Viewing private posts on the profile, including any made with the ‘Only Me’ privacy setting 
• Writing pinned posts for the profile 
• Removing any tags that other people have posted of the person who died 
• Responding to friend requests
• Updating profile and cover photos 
• Turning off the requirement to review tags and posts before they are listed in the tributes section 
• Downloading a copy of what has been shared on Facebook if the feature was previously turned on 
• Requesting the removal of the account 

When an account is memorialized, the word “remembering” will be displayed on the profile of the person who died, typically beside their name. Memorialized accounts that do not have a designated legacy contact cannot have any settings or content changed. Legacy contacts can only be selected if the owner of the Facebook profile is at least 18 years old. Only one legacy contact can be designated, and the legacy contact must be included as a friend on the owner’s Facebook profile. Additionally, an individual with multiple Facebook profiles can only designate a legacy contact for their main profile. 

Ultimately, memorialized Facebook accounts and legacy contacts represent an important step in navigating and managing a digital footprint after someone has died. By providing this option, Facebook acknowledges the impact of a lasting online presence and offers a shared space for loved ones to reflect on the life and legacy of the person who died. As digital footprints are becoming an increasingly prevalent concern, tools such as legacy contacts and memorialized accounts are valuable tools in navigating the intersection of technology and mortality. 

Sources 

“About legacy contacts on Facebook.” Facebook Help Center. https://www.facebook.com/help/1568013990080948 

“Add, change, or remove your legacy contact on Facebook.” Facebook Help Center. https://www.facebook.com/help/1070665206293088?helpref=faq_content 

You can protect the privacy of your personal photos, emails and texts (which are part or all of your digital assets) after you die by storing them in an encrypted cloud service, including them as part of your written digital legacy plan and/or appointing a designated loved one to manage these items.

Use Encrypted Storage and Password Protection

• Store your photos, emails and messages in encrypted cloud storage or use a secure password manager
• Use strong, unique passwords and two-factor authentication (2FA) to initially protect accounts — safely store this account information for a designated loved one to refer to after your death

Specify Your Wishes in Writing

Include instructions in your will or a separate digital estate plan (recommended). Be clear about what should happen with your personal photos, emails and texts:

• Should they be deleted? 
• Should some content be preserved but kept private?
• Is there a trusted loved one you’d like to handle these assets? 
• Review your plan regularly to ensure it’s up to date

Appoint a Digital Executor or Legacy Contact

• This person will be responsible for managing your digital assets, including photos, emails and text — be sure they understand your privacy wishes and have secure access to necessary accounts — and name them in your digital estate plan
• For social media accounts that contain photos, like Facebook and Instagram, you can use their specific legacy functions to predetermine what information and to whom it will be shared after your death 

Avoid Sharing Passwords or Sensitive Information Without Precautions

• Don’t share your passwords or sensitive access information on insecure platforms, like email or physical paper

Sources

“How to Pass On Your Passwords After You Die.” PC Mag.  https://www.pcmag.com/how-to/9-password-managers-with-digital-legacy-options

“The Best Password Managers to Secure Your Digital Life.” Wired. https://www.wired.com/story/best-password-managers/

You can ensure your social media accounts (also known as digital assets, or part of your digital legacy) are handled according to your wishes by using the after-death features built into the larger platforms like Facebook and Instagram, using a specific digital legacy service or password manager, and making your intentions clear in a written document as a digital estate plan or a codicil to your will. 

The following steps can help ensure your social media accounts are managed how you prefer. 

Understand Each Platform’s Policies

Different social media platforms have different rules for what happens when an account holder dies. Many allow you to designate a loved one to receive access to those specific accounts after your death, either to transform the account to a memorial page or request deletion.

• Facebook: Allows you to designate a Legacy Contact to manage parts of your Facebook account after death, either to create a memorialized page or delete your main profile.
• Instagram: A loved one can contact the company to report a death, which requires a death certificate or obituary, to memorialize the page. Immediate family members with proof can request account deletion.
• X/Twitter: Will deactivate the account after a verified request
• YouTube/Google: Has an Inactive Account Manager to designate up to 10 trusted contacts to receive access to Google account data of your choosing, after your account has been inactive for a period of time that you designate.

Use a Password Manager or Digital Legacy Service

• Store passwords securely in a password manager that has a legacy access feature.
• Use a cloud-based digital legacy services (like Inheriti or Willbox.me) to automate pre-specified sharing of your digital assets after death.

Document Your Wishes

Make your intentions clear in a written document. This can be in the form of a specific digital estate plan or as part of your will (though the latter isn’t highly recommended, as social media accounts and information can require regular updating). In this document you can designate a trusted contact or legacy contact to manage your accounts. 

In your document, you should:

• Specify what should happen to your accounts (such as memorialization, deletion or data archiving), understanding the after-death options available for each
• Include instructions for how to access accounts (passwords, two-factor authentication info)
• Designate a loved one as a trusted contact or legacy contact to manage your accounts — preferably confirming that they are willing and able to assume responsibility
• Regularly review your plan to ensure it remains current

Sources

“How to Pass On Your Passwords After You Die.” PC Mag. https://www.pcmag.com/how-to/9-password-managers-with-digital-legacy-options

“What Is A Digital Legacy & Why You Should Be Planning Yours.” Trust & Will. https://trustandwill.com/learn/digital-legacy

“About Inactive Account Manager”. Google. https://support.google.com/accounts/answer/3036546?sjid=2284682328860832173-NA 

“About Legacy Contacts on Facebook”. Meta. https://www.facebook.com/help/1568013990080948/ 

“Report a Deceased Person’s Account on Instagram”. Instagram. https://help.instagram.com/264154560391256/ 

“How to contact X about a deceased family member’s account”. X. https://help.x.com/en/rules-and-policies/contact-x-about-a-deceased-family-members-account 

Bitcoin cold storage (also known as a “cold wallet”) is a method of keeping your Bitcoin private keys completely offline to protect them from online threats like hacking, ransomware and malware. Storing these keys on devices or mediums not connected to the internet — whether a hardware wallet, an encrypted USB device, or even a piece of paper (kept very safely) — helps ensure maximum security for long-term holding of Bitcoin. Cold storage reduces the risk of unauthorized access since the private keys are not available on an internet-connected device, making it one of the safest ways to safeguard cryptocurrency assets. However, it requires careful management of the keys, as losing access means losing the Bitcoin permanently.

Sources

“Cold Storage: What It Is, How It Works, Theft Protection.” Investopedia. https://www.investopedia.com/terms/c/cold-storage.asp