With technology literally being at our fingertips, we have integrated our digital presence with our physical. More likely than not, you have created an account online, have a profile online, or even do all your investing or money management online. While access to our online lives is convenient now, we may not think about the inability for someone else to access our digital information when we are no longer in control, due to disability or death. Creating a means for someone else to have access to these accounts when you are unable creates ease of administration. What most do not realize is that even though someone is named as your Trustee/Executor or as an agent under your Power of Attorney, it does not allow them immediate access to your accounts. If the accounts are not properly named, there is no ability to log-in, or if there is no direction to allow someone else access to the accounts, your accounts could take months or years to finally gain access, if ever. Glick and Trostin, LLC has some advice to help avoid these problems.
We recommend
that you create a plan:
1. Create a list of your online accounts, and include the following information:
- Mediums used to access these accounts
- Internet Service Providers
- Personal Websites or Web hosting
- Email accounts
- Blogs/Vlogs
- Any storage mediums (DropBox, private servers, Cloud Systems)
- Social Networks
- Online subscriptions
- Websites that deal with financials (Banking, Utilities, Brokerage accounts, Notes)
- Software applications Cellphones (Personal and Business)
2. Record
your usernames and passwords, access codes or patterns, or any other unique
means of access in a private document, on your computer or somewhere safe.
3. In your estate planning documents (POAs, Wills, or Trusts), make mention of these accounts and direct what actions should be taken by your named party for those accounts.
- Do not put any login information in your Will as it is a public document
4. Add
a provision that will allow access to these accounts if for some reason the
document is lost or is not accessible.
Proper
planning and keeping information updated removes ambiguities and ensures your
plans are implemented per your wishes with as few roadblocks as possible. Simple updates will reduce any waste of
time, and save costs as issues like this can create more fees in the future.
If you have any questions about how to leave your trusted family and advisors access to your digital life, or any other potential issues with your estate plan, please feel free to contact Glick and Trostin, LLC at 312-346-8258.
