Life has changed dramatically in the past few decades. Back in the early 90s, the internet felt like a novelty. Now it’s everywhere. People use it for banking, shopping, chatting, researching, getting their news, watching sports and almost anything else you can imagine.
What that means is that, if you’re doing your estate planning, you may want to consider leaving a list of passwords as part of that plan. This just makes it easier for your heirs to get access to things like:
- Bank accounts
- Investment accounts
- Insurance accounts
- Social media accounts
- Email accounts
- Utility accounts
Yes, some of this can still be addressed without the online options. Your heirs can pay your final utility bills even if they can’t log into your account with your gas or power provider. But that just adds extra steps for them as they try to figure everything out. A list of passwords not only speeds this up and simplifies the process, but it also gives them a solid list of everything they need to consider. You know they won’t overlook anything.
For many people, the financial side of this issue is the most important. Others worry more about their personal connections and family’s privacy. Some folks are just thinking of the pure logistics of getting everything sorted out when they are not around to provide any information.
No matter which camp you fall into, it’s clear that technology has changed the world and that your estate plan needs to reflect that in a few key ways. Make sure you take the time to look into all of the steps you should take while getting your plan in place.