Creating an estate plan for your online accounts helps you secure your digital estate and legacy.
To make the perfect estate plan, you first need to locate your digital assets, leave instructions on what you want to happen to them, appoint an executor, and finally securely store your estate plan. (Read: How to create your digital estate plan)
Here are some important tips to keep in mind when you start making your estate plan for online accounts –
Use a password manager for your online accounts. We suggest that you use an online password manager like Clocr to improve the security, ease of use and access to your sensitive account details. You can provide just one master username and password to access all the accounts, making it easy and safe for you and your executor.
Name two executors. Inform your executors beforehand about naming them your executors to the estate plan for your online accounts. For additional security and in case of any emergency in which your executor cannot fulfill your wishes, it is suggested that you name an executor and an alternate executor.
Consider an online estate planning tool. An online estate planning tool, like Clocr, pays attention to every aspect of your estate. This way, you can ensure that you have a strong estate plan in place, which reminds you and your beneficiaries about the status of your will, as per your instructions.
Check the legacy policies of companies where your online accounts are stored. Every company may have their own legacy policies. We suggest that you check with these policies before you make your estate plan for online accounts.
Review your estate plan regularly. Depending on the size of your estate and what you wish to do with your online accounts, you might want to review your estate plan every 2-3 years. This ensures that your estate plan for online accounts reflects exactly what you want in real time.