These days, almost everybody has accounts online. This can range anywhere from PayPal, Facebook, online banking, business websites, and more. What if you were running a successful business online with your husband and you passed away? What if he didn’t have the necessary information to access the accounts and had to start from scratch? Unfortunately, this is the reality for many people in America each year and can be avoided by simply taking care of your digital assets in advance. If you do not account for your digital assets, then you risk your family and friends not being able to access the very important aspects of your life that you may have wanted them to.
The reality is this: If you do not account for the assets, they could become lost forever. Not only could your assets be left in the dust, but they could also run the risk of being hacked or your accounts could become the victim of fraud. Many of these accounts are hooked up to credit cards to some extent and you could lose out without anybody even knowing about it. If an executor cannot access it, it will be lost to the system. This is where estate plans come in to save the day.
From an estate planning perspective, everything is extremely confidential once you accept access over an account. This means that, if you do not leave behind important passwords and login information to your most vital accounts, an executor will not be able to access them either. You always check the box next to a variety of agreements when you make accounts, and many of these agreements will limit access to online accounts so only you can get inside. There is some good news, though: Many states have been enacting laws and regulations that make new, advanced rules for executors when it comes to their loved one’s online presence. The Uniform Fiduciary Access to Digital Assets Act lays out many rules that explain how an executor can manage a decedent’s digital accounts.
Important Steps to Take
How can you help a future executor by acting now before it is too late? Remember some of these important steps when you are talking to an estate planning attorney:
- Making Asset Lists: It is important to remember everything you own for your lists. Some assets to think about include computing hardware, electronic storage, online accounts including shopping and social media, and domain names. By sharing your information, your executor can get into these important accounts and take care of the business you needed.
- Managing Assets: Ask yourself: How do you want your assets to be handled? You may want some saved, some deleted, and some transferred to family. This is why it is important to let your executor know how they should be handled.
- Naming an Executor: You want to be careful when choosing a designation of who should settle your digital estate. Choose somebody that you trust with this information.
- Storing Important Information: You can store this information with an attorney, with an online storage service, or in a locked filing cabinet. The people who you trust should know about this information for when the time becomes necessary.
- Making it Legal: You should make your plan legal with a will and by naming an executor. This process can be done by speaking to an attorney.
At The Law Offices of Amy M. Montes, we can help you every step of the way when you want to name an executor to your digital assets. This is important so you can protect your information even after you pass away. Call us today for more information!
