How much of your financial life is conducted online? For many people, the answer would be most of it. Banking, paying bills, and even managing investments online can make life a lot easier – a few mouse clicks and you’re done.
But if you’ve stopped receiving paper statements from your financial institutions and service providers, your loved ones may find it difficult, or even impossible, to access the information needed to settle your affairs when you die. Documenting and organizing digital assets should be an essential part of estate planning.
What’s Out There, Anyway?
You probably don’t realize the number of digital assets you own. Consider creating a complete inventory – along with the web addresses, usernames, and passwords – that includes online financial accounts, memberships, and subscriptions; e-mail accounts; social networking profiles, blogs, and web pages; domain names; and photos stored on photo-sharing sites. You also should include a list of all devices (computers, smartphones, etc.) you use to access your digital assets.
Creating a list is only the beginning. You’ll want to provide instructions for transferring ownership of your digital assets. Online storage accounts offer a way to catalog digital assets so that a designated individual can identify and access them. Make sure the person you choose has the authorization required by applicable federal and state laws to access your digital assets.
Ready to get started? Contact us today!
Crane Investment Services advisors are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), Member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Broker Services, Inc., is a registered broker/dealer in all fifty States of the United States of America.