Our world today seems to revolve around computers, iPads, iPods, and smart phones. In fact, many people keep a portion, if not all, of their personal and financial information stored online. Thus, it is critical that your estate plan include your user-names, passwords, and other log-on information. Providing this information for your loved ones doesn’t have to be anything fancy, but merely a list of websites with your log-on information will be extremely helpful to your beneficiaries in administering your estate.
Your family members are probably aware of where your bank account is located, but it is likely that they do not know where you save your digital currency. For example, most people have music, books, and other online accounts that are not easily accessible without your login information. It can be even more complicated if your online persona does not match your real identity!
You should also remember that personal and financial information, which is supposed to go to a certain beneficiary, may be stored on a physical computer, which is designated to someone else, causing conflict over ownership of any related assets. Your estate plan must clarify how your family members are to handle these matters. You may also want to verify whether the estate executor or beneficiary has exclusive access to log into an online account according to the website’s terms of service.
Maintaining your digital assets can be simple, but you must remember to update any changes. Providing your family with an outdated list of passwords will not do them any good. There are online services available to assist with this process, or you can simply remember to update your list each time you make a change to your log-in information.