Concern 1: Your digital legacy. Planning to transfer your digital assets after you die or in the event you fall ill requires you to carefully inventory your properties. This goes beyond your email accounts or online bank accounts. It also includes personal information you have on your computer: photos, music, personal letters and emails, etc. If you die tomorrow, would your family or estate executor even know what you have on your computer or have the ability to look?
Concern 2: Your password list. If you create a single list of all your login information, passwords, security questions, and other related online security data, the question of where to keep it is very important. If you have an attorney, your attorney may not want to keep your information in his or her office for fear that a staff member may knowingly or unknowingly compromise your security. A safety deposit box is a great option, while a home safe may also be a good alternative.
Concern 3: Agent’s authority. Even if you have created a Power of Attorney for finances, or a general Power of Attorney, will your attorney-in-fact have the authority to access your account information? State laws aren’t exactly clear on digital authority so it’s important you specifically word your Power of Attorney, and your Will, to include authority for your agent and successors to access and manage your digital property.
- Preparing for Unexpected Incapacity - April 30, 2021
- Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries - April 24, 2021
- “Last Will and Testament” Origin - April 22, 2021
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