Making a will enables you to set out what will happen to your money, possessions, and property when you die, but in the online era, it’s also important to consider your digital estate.
This means everything from PayPal accounts to social media and photos stored in the cloud that may hold financial or sentimental value.
Poppy Mardall, founder of the funeral director Poppy’s, says: “Your digital legacy consists of online accounts, precious videos, and anything in between that isn’t physically stored. But many people don’t even consider their digital assets, making things tricky for family and friends dealing with their estate.”
According to the wealth management firm St James’s Place, almost three-quarters of people with a will (71%) don’t reference their digital life. But while a document detailing your digital wishes isn’t legally binding like a traditional will, it can be invaluable for loved ones.
What is My Digital Life Plan?
My Digital Life Plan is an easy, safe, risk-free way to catalog your digital assets in a digital vault. You can visit it once a year to keep it updated and have it transferred to your loved one when the time comes. This preserves your digital legacy and ensures managing your affairs after you've graduated is a simple process for your loved ones.
I have over 50 accounts in my digital vaults; each account is secured by a master password that I share with my loved one and a physical key (YubiKey) that I store privately. The digital vault can't be accessed without the physical key.
My Digital Life Plan will be a low-cost book and online course that explains in detail how to set up your vault on your own. We will offer access to trainers at an hourly rate to assist you when you need extra help. We will also provide a physical vault by annual subscription to manage the security of your key now and transfer it to your loved one securely at the right time. Covered in your annual subscription is secured key shipping to you once a year so that you may update your vault with return shipping and packaging included.
FAQ
Will MDLP ever have access to my vault?
No. Access to the vault requires a password and a key. We do not and never will ask you for your password. We only store the key.
Can I use my own password vault?
We will weigh the pros and cons of the most popular password vaults and recommend you choose the one that suits you best. Our trainers only have experience with the most popular ones, but our key vault service is available for you no matter which vault you choose.
What's the worst thing that could happen?
The worst thing that could happen is that you must recreate your vault if something happens to the key in your possession.
Can I keep the key myself?
Sure, you can use MDLP however you'd like. Some people will choose to have two keys and keep one and ship one to us. One is to keep the vault updated and used regularly, and the other is for us to keep and ensure the key gets transferred.
How does the key get transferred?
When you inform your loved one of your master password, you also give them instructions on contacting us with your death certificate. Once we receive the certificate, we thoroughly identify the identity of the transferee with your list of approved designees, and we securely ship the key requiring identity verification.
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