Protect Your Digital Legacy: Estate Planning for Your Online Accounts
Don’t Forget Your Digital Legacy
If you unexpectedly became unable to access your online accounts tomorrow, could your family pay your bills, find your financial accounts, or retrieve your treasured family photos?
The average American manages as many as 250 online accounts – from banking and retirement accounts to streaming services, shopping accounts, and social media. Yet many people have never considered what happens to those accounts if they become incapacitated or pass away.1
While these accounts have become part of everyday life, they’re often overlooked when people create or update their estate plans.
Why It Matters
If you become incapacitated or pass away, your loved ones may not know:
- What online accounts you have
- How to access important information
- Which bills are paid automatically
- What you’d like done with your digital accounts
Unlike physical property, digital accounts aren’t always easy for family members or even fiduciaries to access. Without a plan, managing your digital life can be difficult during an already emotional time.
Three Simple Steps
Taking time to plan ahead can help reduce uncertainty and provide you and your loved ones greater peace of mind. Here are three simple next steps:
- Make a List
Create a secure list of your important online accounts and where your passwords are stored. Don’t put passwords in your will. Instead, use a secure password manager or another safe method.
- Review Your Estate Documents
Talk with your estate planning attorney about whether your will, trust, and powers of attorney appropriately address your digital assets.
Need help finding an attorney? National Life Group’s How to Choose Your Estate Planning Attorney brochure can help you get started.
- Choose Someone You Trust
Talk with your estate planning attorney about who should be authorized to manage your digital assets if you become incapacitated or after your death. Depending on your state’s laws and the terms of your estate planning documents, this person may be your executor, trustee, or agent under a power of attorney. Some online platforms also allow you to designate a Legacy Contact.
Your Digital Legacy Is Worth Protecting
Estate planning isn’t just about money. It’s about making life easier for the people you love.
Whether it’s financial accounts, treasured family photos, email, social media, or other online records, your digital life deserves the same care as your other assets.
Taking these steps can help ensure your wishes are understood, make it easier for your loved ones to manage your digital life, and help preserve the memories and information that are important to you.
Start Today
This Estate Planning Awareness Week, take a few minutes to organize your digital information and review your estate documents with your estate planning attorney.
Your Digital Legacy Matters
You don’t need to be wealthy to benefit from estate planning. If you have a bank account, retirement savings, email, social media, family photos, or other online accounts, you already have a digital legacy worth protecting.
At National Life Group, we believe preparing today is one of the greatest gifts you can give the people you love. A few simple steps now can help make tomorrow easier for the people who matter most.
Key Takeaways
- Your digital life is part of your legacy.
- Preparing today can make life significantly easier for your loved ones tomorrow.
- Keep your digital assets organized and your estate documents up to date.
- Work with trusted professionals to help protect what matters most.
Frequently Asked Questions
What are digital assets?
Digital assets include the online accounts, information, and files that you own, control, or use and include much more than cryptocurrency and financial wallets. They can include online bank and investment accounts, retirement account portals, life insurance accounts, email, social media profiles, cloud storage, digital photos and videos, online shopping accounts, subscriptions, rewards programs, and more.
Why should I include digital assets in my estate documents?
Your digital assets may have financial or personal value. Including them in your estate planning documents can help your loved ones find important accounts, carry out your wishes, and avoid unnecessary stress during a difficult time.
How can I organize my digital assets?
Start by making a secure list of your important online accounts and where your passwords are stored. Don’t include passwords in your will. Instead, use a secure password manager or another safe method, and let someone you trust know how to access it if needed.
When should I review my estate documents?
It’s a good idea to review your documents after major life changes or whenever your digital life changes, such as opening new accounts, buying cryptocurrency, or using new online services. Regular reviews can help make sure your wishes stay up to date.
Who can help?
Your estate planning attorney can help make sure your legal documents reflect your wishes and your state’s laws.
Pam Cathlina
Pam Cathlina is a Senior Attorney* in the Advanced Sales Department at National Life Group. She received her Bachelor of Arts degree in Psychology from the University of Wisconsin – Madison, and her Juris Doctor degree from Saint Louis University School of Law. She is a member of the State Bar of Wisconsin. She is a Chartered Life Underwriter (CLU®) and holds FINRA Series 7 and 24 licenses.
Pam has over 30 years of experience in the financial services industry. Prior to joining National Life, she worked at Northwestern Mutual Life Insurance Company, where she served in a variety of roles over a 25-year timespan. Before Northwestern Mutual, Pam spent two years at a Big 5 accounting firm as an employee benefits tax consultant.
In her position at National Life Group, Pam consults with field partners, agents, and associates on matters pertaining to estate and business planning, including executive benefit planning.
* Not practicing law on behalf of National Life Group, National Life Insurance Company, or Life Insurance Company of the Southwest.