Episode 38: Preparing for the Unexpected with a Digital Directive

Thinking about how to prepare for unexpected life situations isn't the most fun topic to discuss, but I promise it's SUPER important for all you business owners out there. So much of what we do now as entrepreneurs takes place online, which makes having a PLAN for all of that information online is definitely something you want to make sure to think about. Which is why today we're going to cover digital directives, important clauses to have in your contracts, and everything you need to think about to protect yourself and your business assets.

Things we talked about:

• What exactly is a digital directive?

• Why it's important to have a PLAN for all your digital assets, especially as a business owner.

• Digital executors, lists of your digital assets, and everything else you should have in your directive.

• Other important clauses to consider adding to your contracts, such as in case of pregnancy, force majeure, and limitation of liability.

Here are a few quotes:

• (2:08) "In today’s day and age almost EVERYTHING we do is digital. I mean really think about the amount of log in credentials you have! But what happens to all that information when you are no longer around to manage it? That is where it’s important to prepare documents ahead of time to manage all that online information. "
• (3:10) “I like to think of a digital directive as how you are directing someone, or multiple people, to do something with all of your digital assets in the event that you are no longer alive.”
• (4:21) "You can never prepare for those life situations, you have no idea when they're coming, but what you can do is be proactive now as a business owner. Here is a right step in the direction for you to make sure your loved ones are taken care of with all of your digital assets."
• (10:43) "In the digital directive there are really two things. One, you name the digital executor and then you list out their powers... then you list out the assets that they control."
• (12:11) " In addition, the digital executor should also have the power to manage and distribute or terminate your digital assets using their judgement and standard of care."
• (13:40) "A digital directive is great to have because it kind of acts, as what I would like to call, a power of attorney."
• (21:14) "While having a digital directive is important in dealing with business uncertainties, you also just want to think about other unexpected life situations, that may arise. Like I said, pregnancy, a death in the family, a natural disaster, a flood or some other type of event beyond our control, are things we want to think about as business owners. "

Links mentioned:

The Legal Paige Contract Shop