Four steps to create an effective electronic assets plan

June 22, 2017

With websites, email, social media, online accounts and smartphones, we are surrounded by media. When you pass away, you may have 30 to 80 online accounts with passwords. Therefore, you should create an electronic estate plan.

1. Write a List of Your eAssets and How to Access Them. You have four major types of electronic assets.
These are personal, financial, business and social media. List your login name and password for all accounts. Because passwords change, regular updates are important. 

2. Store and Protect Your Information. Security is essential. Do not include your list in your will. Save the list on paper or a memory drive in your home safe or other secure location. One option is to use an iPhone password program and the Apple iCloud System to share passwords between an iPhone and an iPad. 

3. Select Your eAssets Plan Executor. You will need an electronic executor who has access to your electronic accounts. He or she should have passwords and authorization in the estate plan.

4. Write eAssets Plan Directions. Finally, write a letter to your executor with suggested actions to manage your electronic assets.

This is an excerpt from BCF's Guide to Planning Your Will and Trust. Our guide is designed to encourage your clients to think about how they want their assets to be distributed at death and to assist them in gathering the information their professional advisors will need. With this guide, the process will be much easier, less expensive, and a comfort to your clients' family while fulfilling their desires for friends and family. Get copies of the guide by contacting Rosemary Calderalo, director of gift planning, today. 

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