Digital assets require careful planning for executor access
You've made your will and named a friend as executor, or you've executed a Durable Power of Attorney for Financial Matters and appointed an agent to handle your affairs while you are still living but disabled. But does your agent or executor know everything he or she needs to know to manage your affairs, or administer your estate, successfully?
Here are a few of the things your agent or executor will need to know:
- Your personal information - name, address, phone, drivers license number, social security number, date of birth
- Information about your current spouse, any former spouses, and children
- Military service record
- Primary care physician
- Any insurance policies - health, life, accident, disability, home, auto. Policy numbers, name of company, beneficiary designations, agent to contact
- Bank accounts
- Retirement accounts
- Investment accounts
- Real estate owned
- Vehicles owned
- Business interests owned
- All debts
- And the list goes on...
The Digital Age Challenge
In today's digital world, there's an additional layer of complexity. Your executor or agent will also need access to your digital life, which includes:
- Email accounts - passwords and security questions
- Online banking - login credentials and security protocols
- Social media accounts - Facebook, Twitter, LinkedIn, Instagram
- Cloud storage - Google Drive, Dropbox, iCloud
- Digital photo libraries - precious family memories
- Subscription services - Netflix, Spotify, software licenses
- Cryptocurrency wallets - private keys and exchange accounts
- Digital payment systems - PayPal, Venmo, Apple Pay
Creating a Digital Estate Plan
The solution is to create a comprehensive information sheet or digital estate plan that includes all of this information. This document should be:
Secure
Store in a fireproof safe or safety deposit box with copies for your executor.
Updated Regularly
Review and update passwords, accounts, and contact information annually.
Professional Guidance
Creating a comprehensive estate plan that addresses both traditional and digital assets requires careful consideration of legal, practical, and security concerns. An experienced estate planning attorney can help you:
- Draft appropriate authorization language in your will and power of attorney documents
- Understand the terms of service for various digital platforms
- Create secure methods for sharing sensitive information with your executor
- Establish protocols for ongoing management of digital assets
Take Action Today
Don't leave your loved ones struggling to access important accounts and information. Contact our office to discuss updating your estate plan to include digital asset management.