Your Digital Estate Should be Valued Like a Physical Estate
In decades past, people of all social and economic backgrounds have placed tremendous value on their physical estates. These estates often represent the wealth and success of a person’s whole lifetime.
As we enter into an increasingly digital era, it is important to consider the value of not just your physical estate, but your digital estate as well. With the rise of innovation such as cryptocurrencies and blockchain technology — as well as the vital role social media plays in our society — digital assets are more valuable than ever.
In this article, we will discuss what a digital estate is and how it compares to a physical estate. Plus, we will cover 4 key reasons why you should value your digital estate as much as you value your physical one.
What is a Digital Estate?
A digital estate refers to your entire portfolio of digital assets and accounts, including:
- Social media accounts
- Virtual wallets
- Digital real estate
It’s essentially what you’ve created during your life that stays online; that you own, and that is part of you.
When it comes to valuing your digital estate, there are many key factors to consider — such as what the current value of an asset may be compared to its future projected value. This is especially important when dealing with assets such as crypto and NFTs.
A physical estate, by comparison, deals with all of your physical assets like property, stocks, vehicles, and other physical investments, retirement accounts, and your savings.
4 Reasons Why Your Digital Estate Holds Value
All of us are aware of the value of having a robust physical estate — but how many of us know the true value of our digital estates as well?
Here are 4 reasons why you should value your digital estate as much as your physical one:
1. Your Social Media Presence is a Digital Asset
Though once a far-off idea, social media in the present day has taken a hold of every aspect of our lives.
For many people, followers are not only a source of excellent support for creative or business endeavors, but they are also worth money and provide the basis for social media jobs.
Even if your career is not as an influencer or another member in the realm of social media, your social accounts hold great value. They are a time capsule of your life, capturing precious memories and storing important memorabilia, like family photos and videos.
2. You Have Invested Time into Building Your Online Presence
Building an online presence is not dissimilar to developing an investment portfolio or expanding a professional network.
You spend countless hours of time creating a personal or professional brand to showcase online. From perfectly curating photos for your Instagram to amassing a following on streaming platforms like Twitch, many moving parts go into building an online presence.
To truly understand the value of your online presence, consider how many different platforms you use and for what purpose (Spotify for making playlists, Pinterest for making inspiration pinboards, etc.). All of these things can hold value for others as well — they offer a glimpse into your personality and can be enjoyed by your followers, friends, and family.
There are many platforms like the ones mentioned above that go beyond social media. Your life’s work and memoirs could be in your Medium. Your code inventions could be in your Github. And your best design work could be in your Canva. This is your life: and it should be safeguarded.
3. You Need Legal Protections to Determine the Future of Your Digital Assets
The world is changing and the value of digital assets is becoming more and more recognized.
These days, you will need legal protections to determine the future of your digital assets after you pass away. Just as you would write a will for your physical estate, you must now include a will for your digital estate as well.
With the proper legal protections in place, you can decide two things: who your digital assets — aka, your cryptocurrencies, NFTs, etc. — will go to, and, you can determine the future of your social media accounts and even make the necessary arrangements to set up a memorial account long before your time comes.
4. Your Digital Assets Accrue Greater Value Over Time
Digital assets are valued investments in the same way physical assets are.
As it goes with investing, many of these assets will accrue greater value over time. People all around the globe are beginning to acknowledge the true value of things like blockchain technology and NFTs, and businesses have even begun accepting cryptocurrencies as a form of payment.
Social acceptance of digital estates will only continue to grow, and as it does, so will the value of your own digital estate and assets. Understanding the potential growth of your digital estate is essential for determining its value in your life, both in the present and the future.
Final Thoughts: Protect Your Digital Estate with Webacy
Your digital estate consists of many digital assets, from cryptocurrencies and NFTs to social media accounts. Like you would with a physical estate, it is crucial to protect your digital estate and ensure the future of your assets is secure.
At Webacy, our products are designed to help you manage your digital estate with ease. With Webacy, you can decide the future of your social media accounts after your passing, determine your inner circle of beneficiaries, and so much more. You also have world-class tools to decide how your blockchain-based assets are treated, and also how to protect and safeguard them today.Your digital estate is valuable — and you should treat it as such. To give your digital estate the protection and security it deserves, get started with Webacy today.