A digital trust fund is not monetary. To the contrary, it takes little more than your time to set up. It's a way to claim and safeguard certain accounts for your child; for instance their name as a Gmail address, domain, Twitter handle and personalized Facebook url.
I first heard this idea from Tess Vigeland on Marketplace Money. Here's a link to the podcast if you're interested.
When I mentioned the idea to our very own Amy Kramer, she confirmed that she had her childrens' names as urls. Being the president of a digital marketing company, this came as no surprise. But then I started thinking about all the ways this made sense. It would be helpful to have these digital addresses in place to:
- beat out any other kids who could possibly have the same name as your child
- prevent anyone from posing as your child and ruining their reputation - especially if they want to be a politician when they grow up
- could potentially boost their SEO rankings due to their longstanding accounts
Will all this really matter in 12-15 years when your little bundle of joy is taking their first steps into the digital world? Here is where I start to think this could be a time waster. I love Facebook, but will it really be around for that long? I'm dubious. But I've also been wrong before. What do you think?