Today, a good chunk of our personal and financial lives can be found online.
Not just our email accounts, but also bank accounts, PayPal, Facebook and more.
If you fail to account for those digital assets in your estate plan, you risk burying your family in red tape as they try to access your online accounts that may have sentimental or monetary value, says an article on marketwatch.com.
If your family can’t track these accounts down, they may be lost. Various accounts may be linked to bank accounts or credit cards. If your executor can’t close them, they could be hacked.
A growing number of states are passing laws that help clarify the rules for how executors and others can access and manage the online accounts of those who have died.
There are some restrictions to protect the privacy of the deceased. For example, executors could manage the digital property, but cannot read emails.
To help your heirs, create an inventory of digital assets, with logins and passwords and keep it somewhere safe, the story says.
In addition, use a password manager and share it with your executor. And be clear about what your executor can and can’t read.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
