Here's an estate planning angle that you don't want to overlook. How would you like to try to administer a trust or an estate where all of the critical information is only accessible online, but you don't have any of the user names or passwords that would enable you to get your hands on that information? Well don't leave your loved ones in that situation. Fox Business discussed the digital aspects of your estate plan in a recent article entitled "Tips for Planning Your Estate for the Digital Age".
"Planning your digital afterlife," as Fox Business calls it, can prevent numerous headaches for loved ones and will decrease the chances of family members having to become online sleuths after you're gone. Here are a couple of things the article suggests:
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Keep a snail mail trail. Even if you do business mostly online, you should ask to receive some paper statements so your heirs can have info on your accounts by way of mail delivery
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Consolidate your accounts. Combining financial accounts or at least moving assets to a small number of institutions will make them easier to track.
Otherwise, Fox says, finding the records could be sheer luck. Check here for more information about digital estate plan, and here for information about passing on your iTunes account.
Consider as well that you should consult with an experienced estate planning attorney who can give you more ideas on how to most efficiently set up your estate.
Reference: Fox Business (March 21, 2014) "Tips for Planning Your Estate for the Digital Age"