The end of the year is a busy time for those looking to solidify their estate planning measures to prepare for the new year. But when your personal documentation is in no particular order and passwords and accounts are scattered in notebooks, it can be nearly impossible for loved ones to keep track of all of your documents. At MHPS, we want to help you with all of your estate planning measures; take a look at these password organization tips.
Digital Accounts: Share Your Information Within Your Estate Plans
Digital accounts are only recently becoming a major component of estate planning. From emails to social media, online banking, and more, having those logins and passwords in one place for a loved one to navigate will be crucial. Here’s how you can do it:
- Put digital assets into the estate plan. Not only will it be important to have your digital financial accounts in one place, but naming an executor who can close out and delete social media will be important. There is nothing more traumatizing to family members than someone hacking into a Facebook account of a deceased family member and posts suddenly appearing.
- Money transfer applications should be included in the financial sections. If you utilize platforms like Venmo or Apple Pay, be sure to include those in your estate plans. This is because if funds have not been moved to your primary financial account, those assets will be lost.
- Password management tools are helpful. While that coffee-stained notebook may have been okay for your old Facebook password, it will not be enough for your digital accounts. Programs like Dashlane and LastPass can help you manage all of your passwords in one place.
- Create a digital asset vault. Even the most traditional accounts like your mortgage, health insurance, bank accounts, etc. are available in physical files as well as online. But when you have these online forms, platforms like Everplans allow you to place all of your important accounts and documents in one place. In addition, you can assign someone to your account so they also have access to and rights to change your status, passwords, etc.
Tennessee Estate Planning In the Digital World
When everything is digital, password-protected, and custom question locked, it can get overwhelming trying to figure out where to store your online account information in a way that your loved ones will be able to access them when you are no longer living. Though it is overwhelming, don’t leave these decisions and organizational tasks until the last minute. Now is the time to plan for your future and the future of your family.
At MHPS, our estate attorneys will guide you through the process with the compassion needed. With years of experience in estate planning and administration, we know how to best protect your assets and prepare for the unknown. And our team can help you navigate the complications of being in a digital world.
If you’re ready to create a trust, set up a power of attorney, establish digital account locations for your estate planning, or write your will, we’re here to help. Contact us at MHPS now for more information.