Wednesday, September 18, 2013
The typical American accesses over two dozen password-protected sites, many of which contain their digital assets. The average American values these financial investments and sentimental attachments at about $55,000.
To preserve these digital assets, you should find a way to store your passwords to enable your loved ones to quickly handle online bills and accounts. You can of course keep a handwritten list somewhere safe or use an online password protection company like 1Password, PasswordSafe, and LastPass.
Beyond password protection, you may also need to think about how your loved ones can manage accounts. Google offers an Inactive Account Manager that will notify and give access to a listed contact when your account has been inactive for a certain period of time. Other services like Legacy Locker offer a “digital vault” that allows you to assign beneficiaries to online accounts. Similar companies include AssetLock, Cirrus Legacy, and SecureSafe.
For more information, see my article entitled, Estate Planning in the Digital Age.
See Naomi Cahn & Amy Ziettlow, A Digital Afterlife, Slate, Sept. 16, 2013.