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In the digital age, you may have more of your assets online. Where you keep things doesn't really matter for estate planning law, but it does matter for how easy it is to settle your estate. Here's how to make sure your heirs can find your digital assets and follow your wishes.
Keep a List of All of Your Online Accounts
You should keep a list of all of your online accounts. This should include the name of the company, the web address, a list of the individual accounts you have with each provider, account numbers, when you opened each account, and the approximate balance of the account as of the date you made the list. This information tells your heirs where to go to find your accounts, and it also gives the bank the information they need to look up the account if they can't find it quickly. Your heirs will need to follow a legal process to gain access to the accounts, but they can't start this process if they don't know about the accounts.
Print multiple copies of this list to place in your safe, with your will, and with other important documents. Don't forget to update it.
Don't Keep Usernames and Passwords
You shouldn't provide a list of usernames and passwords, even if you think it would make things easier. Unless it's a joint account and your spouse, it's illegal for anyone else to log in to your account and withdraw your money even if that's what you wanted them to have. Further, it creates the risk of the wrong person accessing your accounts without anyone else knowing.
Consider Naming Online Beneficiaries
Many digital financial accounts allow you to name an online beneficiary. The beneficiary automatically becomes the owner of your account upon your passing. This is a useful tool when you definitely want someone to own a specific account. However, the money in beneficiary accounts doesn't become part of your estate and overrides your will. So if all your money is an account with one beneficiary, they get it all instead of the money being divided like it says in your will.
If you do decide to name online beneficiaries, don't forget to include that information with your planning documents so everyone knows what you wanted and where to access the accounts.
To learn more about how to handle your digital assets, contact a local estate planning attorney or visit websites like https://www.linskylaw.com.
Share7 April 2020