Illinois Estate Planning and Elder Law Blog
Although planning for your death is unpleasant, it’s important to take the time to do so for your loved ones and family that you will leave behind after you pass away. Things such as a will, power of attorney, and wishes for your funeral and burial are all important parts of this plan. In addition to this, especially in our world today, planning for your digital legacy is just as important.
“I think a lot of us take for granted how deeply intertwined our lives are with the digital world,” says James Crosland, an estate planning attorney at Rockville, Maryland-based Stein Sperling. “Ignoring that can really leave a confusing mess for loved ones to handle, and even lead to security risks or loss of important data.”
Crosland’s recommendation is to start with an inventory of all your devices and online platforms. From there, you should designate emergency access to them. Many social media platforms make planning for your digital legacy straightforward.
“A lot of platforms like Google or Facebook offer the ability to set up legacy contacts or account management settings, which essentially allow you to designate somebody to manage your account after you pass away,” Crosland shares.
“Do want them to be a digital memorial? Do you want that information to be just accessible by family members, or frankly do you just want it deleted? Letting your loved ones know what you want to do would really go a long way.”
Passwords can create a lot of complications for survivors, and trying to keep a list of (often changing) passwords up-to-date can be unrealistic for many of us. However, there are a number of password managers available that can store passwords across multiple logins. Many of these allow you to designate an emergency contact.
Planning for finances is often higher on people’s priority list when it comes to planning for their death, but it’s important to note that most of what we do financially is done online now. Preparing for this will greatly help your loved ones.
“I would start by listing all bank accounts, retirement funds, auto-pay subscriptions, investment platforms and basically map out your financial digital presence,” says Crosland.
Also, idle financial accounts are often targets for financial fraud. According to a recent report by Express VPN, the U.S. could see almost 700 million deceased accounts by 2100, nearly double the projected U.S. population.
For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708-482-7090.
A Maryland estate planner’s advice for your digital afterlife