WHY IFIGO?

WHAT HAPPENS TO ALL YOUR DIGITAL INFORMATION WHEN YOU DIE?

When sudden death occurs, many complications can potentially arise. There have been many situations where the deceased did not plan for proper management and administration of their physical and digital assets. Their loved ones had to go through a lot of bureaucratic processes and procedures that can be very daunting. What is worse is there have been many cases where, despite their best efforts, these loved ones were unable to have access to what was rightfully theirs. We are now very reliant on digital technology in many aspects of our lives. Our smartphone replaced our phonebook. Our digital financial accounts replaced our bank books, accounting books, and even bank cards. We no longer receive paper statements and bills because everything is emailed or accessible through your account. These could be your Internet accounts, a stash of cryptocurrencies, Internet trading accounts, frequent flyer miles, and more.

Most people worry about how their physical assets would be distributed upon their death. Few realize the need to carefully plan for their digital information.

Why do you need to manage your digital information?

When you pass on without appointing an executor of your will, the court will then appoint an administrator/trustee to oversee the management of your assets and obligations. Naturally, to do that the trustee will have to make an inventory of all your assets and liabilities. This is easier to do with regard to your physical assets. As for digital assets, your online accounts' service providers may have different user agreements which might impact whether your digital assets can be accessed or not, and to what extent. The worst is if no one knows what you have. What could be meant for your loved ones will all be lost forever.