In the past, you would not consider your online accounts as important when working on an estate plan. Old websites or account logins were less consequential after a person died. That is not the case anymore.
Now, you should always include digital assets in your estate plan, claims USA Today.
Most people have an online presence and several digital accounts, including social media, banking and shopping. If you die, who has access to those accounts? Your loved ones may need to access your accounts to pay bills, to close credit card accounts or to deactivate your social media presence.
To keep your family from scrambling to figure out your login information, do the following:
- Create a list of your digital accounts
- Include all login information for your accounts
- Include digital assets in the will
Include your digital accounts into the language of your will because some accounts do have monetary value, such as PayPal and Venmo. The executor of your will can also be the person you provide permission to, to access your accounts after your death.
The digital age is renowned for being paperless. Many banks, utility companies, hospitals and shopping venues allow you to receive receipts online, make payments online and to go completely paperless. Save all your important documents in one place so that your family can access them. Consider creating a digital archive for all your documents. After all, the younger generation may find it more convenient than searching through physical paperwork. Your digital archive can include mortgage paperwork, copies of credit cards, receipts and more.