'Issues' for Younger People

While some people might be happy their relatives can't get access to their email or other accounts, others are taking matters into their own hands. As attorneys, we are facing new issues for this generation. Savvy folks in their 30’s are requesting specific instructions for their Facebook page. Who would have ever thought?

This all raises the question: How do you protect your sensitive data while you're alive while at the same time ensuring your heirs have access to the necessary account information once you're gone? It's not as though handing out your passwords is always a good idea.

One solution is to give a lawyer or trusted relative all the information. Be sure to put this information in your will and/or estate plan and dont neglect to update it as needed. Another idea: Divvy up different accounts to different people. Or, store the information in a safety-deposit box or home safe -- just make sure someone can gain access to the box or safe.

There are also companies that aim to help you sort through these issues. One source is Legacy Locker. It allows you to store all log-in and password information for your online accounts as well as leaving arrangements for sending it to the appropriate people upon your death. Others have features such as writing and storing letters to be sent to relatives.

The bottom line today is that in our ever changing technological world, protecting assets has become even more tedious. Not only is it a good idea to have an updated estate plan but one that reflects everything you use in your day to day life.

Social Networks and Death

Social networking has become almost as important as networking in person. The ability to share our photos, information, news and professional events is not only easy today but incredibly convenient. While this is great now-thinking about what happens to all of these growing online accounts when we are dead isn’t likely on the top of our minds.

Do you have your photos stored on sites such as Shutterfly or Kodak Gallery or another? Do you participate in social-networking sites such as Facebook or Twitter? If so, you may want to exert some control over what happens to your profile after you die, but unless you leave your username and password with a trusted person, it will be tough for them to gain access.

What happens to your Facebook page if no one has that log-in information? A Facebook spokeswoman says that, "if a family member alerts us that a loved one has died, we will place the profile in Memorial State, or take the profile down, based on their wishes." In memorial status, certain profile sections "are hidden from view to protect the privacy of the departed." She adds: "We will not give access to the person's account."

Usernames + Passwords + Estate Planning?

With the constant fear of online identity theft, we create strong and varied passwords for all of our accounts. In fact, we even change these passwords often and never write them down or share them with anyone.That's all well and good while we are alive, but this safe protective measure taken while living can wreak havoc for our heirs after we die. With an increasing portion of our personal lives stored online in password-restricted accounts -- including bank accounts, automatic bill-pay arrangements, personal messages and even items with small monetary but major sentimental value, such as photos -- piecing together an estate after a death can cause major headaches. Let’s use banking as an example: If you have an online savings account separate from your regular bank account and the statement notifications are only emailed, not mailed, that account may get overlooked when your finances are disbursed to beneficiaries. Attorneys today are faced with days of searching for some accounts and other personal online site access - a costly task that can be avoided.