People only think of the assets that they can touch and see, such as bank accounts, real estate, jewelry, artwork, antiques, and other items of value. With the advanced technology, it allows you to conveniently do so much such as work, invest online, and store important documents and images. However, have you thought about what will happen after your death?
Most people think of online investment accounts, bank accounts, cryptocurrency accounts, and other online financial websites and information that have a monetary value. Generally speaking, the resources we’re talking about are the user names and passwords that would allow someone to access those accounts.
But some things people may not think about are storing online files, digital photo albums, music playlists, blogs, email accounts, or social media websites. These kinds of digital resources may contain original creative works or irreplaceable resources with significant sentimental value.
No matter your age, experience, or financial situation, protecting your online privacy and keeping your electronic information out of the hands of the wrong people is the key. But the more information your family, heirs, trustee or personal representative has about estate planning, the easier way it is to settle your estate if you die or become disabled.
Pay attention to the individuals with whom you share your login information. Sadly, identity theft by family members is not uncommon. You also run the risk of a family member misplacing your credentials, which could put them in the wrong hands.
Add a digital trustee to your will or trust and give them specific instructions on how you want your digital assets to be managed when you die. Your “digital trustee” may be the professional fiduciary you appoint as the successor to your trust, the personal representative of your estate, or another person of your choice.
Take an inventory of all your digital assets and provide a copy to your professional trustee/lawyer/trustee. Update information as it develops and is review on an annual basis. Your inventory needs to include account numbers and IDs, but not passwords. It includes your online memberships, payments, investment/bank account, social media credentials, blog site login, photo and sharing sites, etc.
Document passwords and answers to your account security questions and lock them in a safe immediately (do not leave them where an unauthorized person could see them). They may be used by your trustees to access your accounts if this is not possible. As such, you do not need to share your passwords with a trustee or family member. They will also be more secure here than in a password-storing software application, which could be prone to fraud, bugs, and hacking.
Many of us connect to several sites on a daily basis and use the automatic browser backup feature for login credentials. Although we do not recommend this practice, it is better than writing passwords on a piece of paper that somebody might find. If you use this method, make sure you have strong passwords not only for the websites you visit but also for your devices, including laptops and cellphones.
Keep in mind, however, that the process of locating an asset, verifying that the original owner is deceased, and granting legally designated heir access can be very complicated and frustrating. It’s best to plan ahead and share information securely with your family or trustee so they can act on your behalf when they need to.
As most cities and towns were relieved from the enhanced…
READ MORE
Inflation has a negative impact on the funeral industry as…
READ MORE
Despite various traditions and burial customs, funerals have been a…
READ MORE