The Frontier of Estate Planning
How to Manage Digital Assets
We amass huge digital footprints in our lifetime, and that means a lot of passwords and security answers. It’s increasingly important to think of password information for sites like Amazon, Google, Facebook, and accounts for paying bills and paying off debt, as assets. And those assets need to be incorporated into an estate plan. If family members can’t access the accounts of deceased relatives, at best they cannot view precious family photos from social media, and at worst, the accounts may become victim to identity theft. But handing over access to your accounts before you die is easier said than done and also might not be the best idea. Many website terms of agreement have specific clauses prohibiting the transfer of password data to other users, not to mention the state and federal laws that get in the way. Thankfully, you can do a few things to make the process easier for your family. INVENTORY YOUR ONLINE ACCOUNTS You should obtain the password info for every online account, including your email and bill-paying accounts, and keep them on a list in a safe place. SECURE YOUR PASSWORD INFORMATION There are a few different ways to keep this important list safe. When you’re in the process of creating the list, you can either use a password- encryption service or just a password-protected document to keep those
passwords secret. Once you’ve created the list, however, you’ll want to put it in a safe deposit box or an attorney’s vault. Just don’t put any password information in a Will, as this will become a public document.
DRAFT AND SIGN A STATEMENT FOR THE EXECUTOR OF YOUR ESTATE PLAN
At Phillips & Blow, we can prepare the necessary documents to authorize the executor (or trustee) of your plan to access your online accounts. This saves them the time and headache of fighting with multiple companies to try to save your digital assets. Laws regarding digital assets are changing every day, and the potential for sticky legal situations is high. If you want to incorporate your account information into your estate plan, you’ll need some help from the experts. Call Phillips & Blow today for a free consultation.
Trivia
Leftover Candy Snack Mix Inspired by Food & Wine Magazine
WHAT was the first successful vaccine developed in history?
A: Scarlet Fever B: Small Pox C: Rabies D: Cholera
INGREDIENTS:
• • • • •
2 cups mini pretzels, coarsely broken
1/4 cup light brown sugar 2 tbsp granulated sugar 1/3 cup dry milk powder 6 tbsp unsalted butter, melted
Submit your answers to email@jrphillipslaw.com
• 12 oz mini candy bars, such as Snickers, chopped into 1/2-inch pieces
Correct answers will be entered into a drawing on Oct. 31 for an Amazon gift card.
DIRECTIONS:
1. Heat oven to 275 F. 2. In a large mixing bowl, fold together pretzels, sugars, milk powder, and butter. 3. Spread mixture on a baking sheet lined with parchment paper and bake for 20 minutes. 4. Let cool for at least 30 minutes and mix in candy bar pieces before serving.
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