Once upon a time, the key to a safe deposit box was all loved ones needed to unlock the secrets of a life recently ended. Today, many aspects of our lives, both financial and personal, are lived in places accessible only by a password. We have e-mail addresses, online brokerages and banks, Facebook and MySpace profiles, and accounts with PayPal, eBay, and more. In addition, many people have formed relationships with people they know only through game or social networking sites.
When a person dies, access to these accounts and contacts can be lost or extremely difficult to retrieve. As a result, a small online industry has sprung up to help people pass on the digital keys to their online lives should they die or become disabled. Call it “digital estate planning” or creating a “virtual executor.” On a typical site, users sign up and pay an annual fee to upload everything from crucial online passwords to locker combinations into a private account. Some sites even allow users to store estate planning documents such as wills and advance directives.
For example, a company called AssetLock offers a secure “safe deposit box” to hold such things as digital copies of important documents, final messages for family and friends, passwords, and information on hidden accounts. Once a minimum number (set by the owner) of recipients sign in and confirm the owner’s death, the account is unlocked after a time delay (which also can be set by the owner).
Other services focus on assisting people in sending important messages to loved ones. GreatGoodbye allows users to store e-mails, photos and videos that will be sent to those closest to them in the event of their confirmed death. EternityMessage and Last Post are similar sites.
If you do not wish to use such a service, it is important to leave this information with your original Will or Trust to help the people left behind settle your estate.
Ms. MacDonald’s practice is limited to Estate Planning, Probate, Conservatorships, Elder Law and Trust Administration. Ms. MacDonald maintains her practice in the Santa Clarita Valley at 27013 Langside Avenue, Suite A, Santa Clarita, California. She can be reached at 661-251-1300.