With web sites, email, social media, online accounts, and smartphones, we are surrounded by media. You may have 30 to 80 online accounts with passwords. Therefore, you should create an electronic estate plan.
1. WRITE A LIST OF YOUR E-ASSETS AND HOW TO ACCESS THEM.
You have four major types of electronic assets. These are personal, financial, business, and social media. List your login name and password for all accounts. Because passwords change, regular updates are important.
2. STORE AND PROTECT YOUR INFORMATION. SECURITY IS ESSENTIAL.
Do not include your list in your will. Save the list on paper or a memory drive in your home safe or other secure location. An option is to use an iPhone password program and the Apple iCloud System to share passwords between an iPhone and an iPad.
3. SELECT YOUR E-ASSETS PLAN EXECUTOR.
You will need an electronic executor who has access to your electronic accounts. He or she should have passwords and authorization in the estate plan.
4. WRITE E-ASSETS PLAN DIRECTIONS.
Finally, write a letter to your executor with suggested actions to manage your electronic assets.
If you have estate planning questions, please contact Margie O’Neill to assist you at email@example.com or at 773-975-6911.