You completed your living trust and now you can rest easy knowing that when the time comes your family will be able to settle your estate with ease. But does your estate plan cover everything they will need to access and finalize your on-line accounts? Whether we like it or not, this is the digital age; there are on-line accounts and smart-phone applications for anything and everything you can imagine. There are not only numerous accounts, but we must work diligently to keep them secure and password protected. Would your family be able to access these accounts? Here are some tips on how you can manage your digital footprint.
Inventory your digital assets:
An inventory of your digital footprint should include information regarding:
- Hardware (computers, iPads, laptops, external hard drive, USB drives, smart phones)
- Software and Services (Subscription-based services, apps, banking software like Mint or Quicken, email accounts, and cloud storage like Google Drive or Dropbox)
- File structure (where your important documents are located on your computer)
- Cryptocurrency (digital wallets, cryptocurrency exchanges)
- Online presence (websites, blogs, social media accounts) and on-line accounts (shopping sites like Amazon, PayPal, eBay, online bill pay, banking and investment accounts).
Provide access:
After you have inventoried your digital assets, the corresponding passwords to access each location should be added to your inventory. We recommend hand-writing or printing a copy of these and keeping them in a safe location. Include any private keys or recovery phrases. As updates are made to passwords, or new accounts are created, the list will also need to be updated.
Alternatively, you can invest in a reputable password manager that allows you to securely store and share login credentials with trusted individuals. Many password managers also have "emergency access" features, which allow designated people to gain access if needed.
If you have enabled two-factor authentication on any accounts, be sure to leave instructions on how your family can access backup codes or reset authentication methods.
Provide instructions:
At a minimum, specify which accounts you would like closed and if you want notification of your passing posted on your social media sites.
Identify a “digital executor”:
Identify one or more individuals who will handle your digital accounts and ensure they know where the account and password information are located. Typically, these individuals should be the same individuals named as trustee(s) in your trust and/or as executor(s) in your Will.
Your digital footprint will continue to evolve, with new accounts, services, and assets emerging over time. Make it a point to review and update your digital estate plan at least once a year. As digital assets change, so too should your plan. Contact us today to schedule a consultation with our estate planning experts and ensure your digital estate is properly managed for the future.