In an increasingly digitized world, your assets are also increasingly digitized: social media accounts, banking accounts, currency, subscriptions, blogs and vlogs, online photo storage, etc. And this means you need to start considering adding them to your will.
But, creating a will for your online accounts is just not enough. For your wishes to be fulfilled, you also need to provide your executor with the access to these online accounts.
So, does this mean you should add the passwords to your online accounts in your will?
The simple answer to that is no.
Your will goes public after you pass on. This means that if you include sensitive information to your online accounts in your will, you would be jeopardizing the security of your digital assets.
Instead, here’s some things you can do –
A digital will is a separate document made to provide access to your digital assets and online accounts. You can use digital will services like Clocr to store and manage your will securely on the Internet. This way, you will be able to manage your digital assets more efficiently.
Here’s how you can get started with one.
Digital File Organizers
An alternative is a digital file organizer. They help you store your online data in a location that is not connected to the internet. You would usually need the social security number of the deceased person to access the online accounts, making them fairly secure.
While a paper list is the most easy way to go by, it is also least secure and inaccessible in case you need to make any updates, which is very often for almost all digital assets and accounts. If you make a paper list, be sure to secure it in a safety vault along with your other important documents. You might also want to consider having a digital copy for the same.
Password managers like Clocr are an easy and secure way to manage online passwords. And, they’re easy to pass on too. With a password manager, contemplating about including online passwords in your will essentially means thinking about the one password that manages all your online passwords.
What you need to do is this: include the details of your service provider and the password of your password manager in a document that is separate from your will.