Doing estate planning? Don’t forget your digital estate

Pat Foran shares three tips to ensure you're covered when it comes to digital estate planning.

It’s not pleasant to think about death or a medical emergency, but one of the greatest gifts you can give your family is being prepared for those situations.

While most people are familiar with traditional estate planning, there is also a digital component most people might not think about.

In today’s digital age, photos, banking passwords and other important information gets locked away on phones and computers, and a “digital estate plan” can help family members access important documents to settle loved one’s affairs.

Steps to set up a digital estate plan

To create a digital estate plan, first set up an ‘in case of emergency’ document. Jot down the names, phone numbers, and e-mails of important people in your life.

Also list the location of important documents like birth certificates, passports, and your social insurance number.

“This document should also have your bank accounts, investments, and recurring bills,” said Brian Vines with Consumer Reports. “Put down when they’re due and how you pay them and be sure to mention if anything is set up as autopay”

Secondly, passwords and log-in information should be shared. If you don’t want to spell out your passwords, give hints or keep it simple with a password manager.

Consumer Reports recommends using 1password. It has annual family plans that cover up to five people who get access to shared folders.

The third thing that’s recommended to do is to designate a legacy contact for your online accounts.

“A few tech companies let you grant control to someone else,” explained Vine. “There’s Google’s inactive account manager, Facebook legacy contact, and Apple’s legacy contact to name a few.”

Next, add your digital assets to your traditional will that way everything is tied together in one place and easy for your family or close friends to find.

Finally, it’s advised to have an emergency planning meeting and tell your loved ones your wishes and where they can find the information you collected.

Providing easy access to online accounts can make a painful time less stressful and having things in order will give you, and your family members, peace of mind.