As National Estate Planning Awareness Week (Oct. 19-25) approaches, it’s a good time to ensure your estate plan is current and comprehensive. Although it is often overlooked, including a digital estate plan that addresses financial and social digital assets is becoming increasingly important.
To get started, compile a list of important files and photos you have on your phone, desktop, laptop or flash drives; in a cloud; or on backup CDs or DVDs. Sketch out the folders where they are kept. Then create an inventory of any bank, brokerage, retirement plan, credit card, loan or insurance accounts you access online. Include information on how to access any financial software you use. If you have any intellectual property, an online store or valuable domain names, remember to delineate what you want done with them.
Even though many states do not recognize digital executors, you can still name a trusted individual (perhaps a son or daughter who is particularly adept with technology) to follow your wishes or at least help your traditional executor. Make a comprehensive list of essential passwords and PIN numbers for that individual. For security sake, store the list in a safety deposit box or use an online storage service created for this purpose, such as Everplans. Do not include passwords in your will, since it will become a public document when you die.
Next, make a to-do list outlining how you want your online social assets handled. You may choose to have your Facebook profile deleted or memorialized after your death. If you prefer to keep it active, you can designate a “legacy contact” to manage it. Google’s Inactive Account Manager lets you tell the company what to do with your Gmail, Blogger, YouTube and other accounts when you depart.
If you want to leave some sort of digital message after your death, you might ask someone to post a photo album chronicling your life on Flickr or a personal video to your YouTube channel. You can write final letters to family and friends on sites like Afterwords and My Goodbye Message. To Loved Ones allows users to schedule messages to be sent on birthdays, anniversaries or other special occasions.
We can work closely with your tax and estate professionals to make sure your estate plan addresses a changing landscape. Call your Denver financial planner Jordan Dechtman at 303-741-9772 or email him to schedule an appointment.
Written by Securities America for Distribution by Jordan Dechtman.
Important Disclosure Information
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Dechtman Wealth Management, LLC [“DWM”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from DWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. DWM is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the DWM’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.dechtmanwealth.com.
Please Note: DWM does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to DWM’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
Please Remember: If you are a DWM client, please contact DWM, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently.
Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
Join our newsletter
