As we conduct more of our lives online, there is a growing need to organize and plan for what will happen to your digital information if something were to happen to you or your spouse. While there are laws in place (varying by state) to allow executors and trustees to manage these accounts, the real struggle is in getting the information organized for the person who is left in charge. After all, one important goal of estate planning is to alleviate burdens on loved ones by creating a plan.

While it is never pleasant to think about end-of-life planning, this project has the added benefit of organizing your online life now – making it easier to navigate important accounts.

Make a list

First, go through online accounts and make a list of everything. Below is a list of some common items to include, but you can look at your phone, bookmarks, and browser history to find accounts. 

• Financial accounts
• Utility accounts
• Social Media accounts
• Email accounts
• Cloud storage accounts (for files, pictures, etc.)
• Store accounts (Target, Amazon, etc.)
• Streaming services
• Websites, blogs, or other online communities

Secure your passwords

If you don’t already use a secure password manager, this would be a great time to set one up. Password managers are helpful for creating unique passwords and storing them securely. If everything is in a password manager, your executor will have a simpler time accessing your important information. The goal is to make a list that includes everything, but don’t worry if you forget items. They can be added later.

What should happen to your accounts?

If you are incapacitated:

If you were to become incapacitated, life would go on but someone else will need to access and utilize your account information. If you are unable to take care of business for an extended period, your Power of Attorney will need to have the information available to step in and manage your affairs. In addition to paying your bills, they may need to contact your internet, television, and cell phone provider from time to time.

At your death:

Most of your accounts will be closed upon your death. However, some accounts may require special handling. For example, photos and files may need to be stored before accounts are closed. Some accounts (such as Facebook) can be memorialized to allow access indefinitely. Policies vary by company, so look at their websites to see what can be done. Some will even allow you to take proactive action. Google’s “Inactive Account Manager” can set your account to notify a trusted contact after a certain period of inactivity. 

While this list and accompanying instructions/wishes aren’t legal documents, they can be stored with your estate documents for access when needed. For questions regarding your estate planning documents and how they address this area, it’s a good idea to consult a licensed estate attorney. As always, we are here for you. Please email or call if you want to set up a Zoom videoconference meeting or talk by phone.

Mary McCraw, CFP®

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