In our digital age, if you become incapable or die by any reason, there is a need to have someone who will take care of your bank accounts, automatic payment plans, investment information, and credit card bills, as well as this person, must monitor your e-mail and social media profiles. Thus, make sure your executor or another trusted person has the usernames and passwords of your online accounts.
In the case your spouse, or someone who you want to have access to these accounts, is not able to do it, it will be required to have a court order in order to find out how much money you have in your accounts. Fortunately, today it is possible to avoid all the expenses of the court and to get to someone one trust if needed.
Below, The Margarian Law Firm Lawyers will inform you what you should do in order to prevent such problems which may occur for your trustees if they do not have access to your digital accounts.
The Best Plan: Create a List
The best way is to accumulate all the passwords, names, PINs in one list, and to inform a person you trust how to get access to it. Do not forget to include how to access to the following accounts:
• email accounts,
• photo storages,
• social networking sites such as Facebook, Twitter and LinkedIn,
• online subscriptions (for example, magazine subscriptions that renew automatically or subscriptions to sports websites)
• financial sites (banks and brokerages),
• software applications,
What Not to Do
First of all, do not put usernames or passwords in your will, as it becomes a public document after your death. Even if your estate does not actually go through probate court proceedings, the law requires that the will should be announced. In the case you have a living trust, it is better to include passwords in the trust document, but taking into consideration the fact how often the personal list of online accounts and their related passwords change, the variant is also not optimal.