Chances are you have a will and other paper documents that have been prepared in the event of your death. What you may not have is information on how family members can access your digital assets upon your death. It’s something that many never think to disclose. However, if family members don’t have access to this information, it can be difficult to follow the instructions in your will. Not only that, but family members may also have trouble accessing important files, such as family photos. The following explains the importance of giving access to digital assets to your family upon your death and how to do it.
Many people rely on online financial institutions for a number of services. You may have your IRA account, life insurance, and at least one bank account through an online company that doesn’t have physical offices. Without passwords, it can be impossible for family members to access this information. This means that it may be impossible for them to pay for a proper funeral or carry out your final wishes. If you work online, you may also have quite a bit of money in a PayPal account and have clients that need to be notified. All of which your family will need to know about.
It’s not only financial accounts that your family will want to access. Chances are you also have a number of family photos stored digitally. These photos should be passed down and cherished by your family, not be erased because no one knew they were on the hard drive.
There are actually a number of ways you can help your family access your digital assets. When it comes to passwords, you never want to have a file in your home that contains this information. However, what you can do is create a list of accounts and log-in information and put it in a safe deposit box at the bank. The key could then be placed with your will along with instructions on where the deposit box is located. You could also have a trusted family member keep the file. When it comes to family photos, you could also make a note in your will about their location.
Digital assets are often overlooked, but this can really hurt your family. If you want to make sure your family accesses all your accounts upon your death, you need to find a way to share this information. Whether you share your passwords before your death or leave clues on where to find the information in your will, you can make it easier for your family to move forward.