Most of us have many online accounts – bank accounts, email accounts, social media accounts, and other digital assets that contain important information. Without proper planning, loved ones may spend significant time trying to locate accounts or gain access to critical information.
Creating a digital asset plan can help bridge that gap. By organizing account information, maintaining a secure password inventory, and planning for account recovery, you can make it easier for your loved ones to manage important matters if you are no longer able to do so yourself.
Create an Inventory of your Digital Assets and Passwords
Creating a secure inventory of your online accounts, digital assets, and login information is super important. Without a clear record, loved ones may struggle to gain access to critical information when it is needed most. Your inventory may include:
- Online banking accounts
- Email accounts
- Phone, computer, laptop or tablet logins
- Social media profiles
- Cloud storage platforms
- Subscription services
This inventory should be stored securely and reviewed regularly to ensure account information and passwords remain current.
Two-Factor Authentication
Many online accounts require more than just a password to gain access. While these additional security measures help protect your information, they can also create challenges for loved who may need to access important accounts in the future. Two-factor authentication (2FA) may involve:
- Text message verification
- Authentication Apps
- Trusted device approvals
- Consider documenting any two-factor authentication tied to your accounts, along with information about authentication apps, trusted devices, or recovery options. This can help loved ones avoid unnecessary delays and complications.
Use Legacy Contact Features
Many technology companies offer tools that allow users to plan ahead for incapacity or death by designating trusted individuals to access certain account information.
Learn more about Legacy Contacts by clicking here.
Taking advantage of these features, alongside a comprehensive estate plan, can help ensure that important digital information is not lost and can create a smoother transition for your loved ones.
Digital Asset Planning Is an Important Part of Estate Planning
Even the most carefully drafted estate plan may be difficult to administer if your loved ones cannot locate or access important online accounts. Taking time to organize your digital life today can help reduce stress, delays, and uncertainty for those who may need to assist you in the future.
Whether you’re creating a new estate plan or updating an existing one, our attorneys can help ensure all of your assets are properly addressed. At Makofsky Valente Law Group, P.C., assisting clients with comprehensive estate plans is what we do every day. Contact our office by phone or email to schedule an appointment!
