It seems everyone is attached to their smartphone, iPad or iPod these days. As a result, these devices can play an important part in your estate plan, especially if you store personal and financial information online.
What does this all mean? Your online data can include significant assets that should be included in your estate plan. Whether it is access to your bank account, iTunes account, rewards points or other valuable online information, your estate plan should provide for your loved ones to have access to this type of property. You should leave a list of the websites you commonly access and your user-names, passwords or other log-on information. Failure to leave this information for your loved ones could result in the money, music, games or other types of virtual property you own getting lost.
While your loved ones are probably aware of where you maintain your checking account, but it is unlikely that they are aware of where you save your digital currency. It can be further complicated if your online identity is not the same as your actual identity. Without your login information to access these websites, the company that maintains your account may not allow your loved ones to access your digital assets. You must also remember to update your list each time you change your passwords.
In addition to leaving instructions on how to access your digital accounts, you should also set forth how your family members should handle these matters. For example, you may want to review each website’s terms of use to understand how your online assets will be handled upon your death. If there are certain instructions for granting rights to your executor or beneficiaries, you should take action to follow them. Some websites may have specific forms you need to complete and leave with your estate planning documents.
There are software ‘apps’ that help you gather all of this information together in one place, and even allow you to designate who has access at your death or incapacity. One of these which is known to the author is “SecureSafe”. It works on PC’s, Android, OS Apple products, etc. But it is critical information for the administration of a Trust or Will.
Don’t take the value of your digital assets for granted. You worked hard to establish your accounts and build your collection of music, points, books, games or other types of property, so you want them to be passed on to your loved ones.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.