As more of life moves online, attorneys are seeing a growing number of families struggle to access loved ones’ digital accounts after a death or medical emergency. Research shows the average person now has dozens of online accounts, yet many people have no plan for how family members can access critical financial records, passwords, cloud storage or digital assets when needed.
Estate planning attorneys at Shatz, Schwartz and Fentin P.C. are encouraging families to think beyond traditional assets and include digital accounts and online property as part of a comprehensive estate plan.
From online banking and cryptocurrency accounts to cloud photo storage, subscription services and social media profiles, many people leave behind important digital assets with no instructions for how loved ones can access or manage them.
“People often focus on physical and financial assets while overlooking the fact that much of their personal and financial life now exists online,” said Attorney Michael Deere, an associate at Shatz, Schwartz and Fentin. “Without proper planning, families may struggle to access important records, financial accounts and even irreplaceable memories.”
Lack of planning for passwords, online accounts and digital records can create serious challenges after a death
Attorneys say the issue is becoming increasingly common as more financial, personal and business activity moves to digital platforms. Even routine matters such as managing automatic payments or accessing insurance and utility accounts can become difficult without clear authorization.
Attorneys at the firm recommend individuals:
- Maintain an inventory of important digital accounts
- Securely document password access information
- Include digital financial assets in estate planning documents
- Grant legal authority for fiduciaries to manage digital property
- Regularly update estate plans as accounts and technology change
“Families are often unprepared for how complicated digital access can become after a loss,” said Attorney Deere. “Advance planning can help reduce confusion, delays and unnecessary stress during an already difficult time.”
Shatz, Schwartz and Fentin’s attorneys assist individuals, families and business owners with strategies designed to protect both traditional and digital assets.