Before the digital age, a family member could walk through a home and find physical objects or paper records. The mail could be checked for bank statements and bills.
Today, many statements are sent by email and financial records are often stored in the Cloud or on computers.
And many people don’t consider all this when making their estate plans.
But those ahead of the game are listing all their digital assets in special documents.
Some are storing passwords for accounts and social media pages.
State laws on digital assets vary, however. And different sites have different policies on allowing executors access.
Its a no-man’s land. Experts now recommend making a thorough inventory of all online accounts and their passwords but not to include them in your will says a story in the New York Times. These can be stored in a safe or with your attorney.
Online account information may change often. Wills should not be.
Photos should be kept in a computer and not on an on-line site, it says.
Certain on-line assets, such as an ITunes music collection, cannot be transferred to an heir.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
