Is It Safe To Share The Password To Your Bank Account With An App?

Preserve and Protect your Digital Assets Through Digital Estate Planning with Stephen P Stewart, Esq.

The average American owns 90 online accounts and likely has no idea what happens to these assets when he/she dies. You can protect & preserve your digital assets through digital estate planning.

(firmenpresse) – [Digital Estate Planning](https://digitalestateplanning.com) is new legal frontier in estate planning and estate administration due to the mass proliferation of computers, smartphones, tablets, apps and online accounts like banking, investment, photos, cloud drives and more.

Did you know that you have a digital estate? You may think you dont, but if you are reading this blog you probably do. What is your digital estate? Similar to your traditional estate, your digital estate is comprised of the digital assets you own. Take a look at the following categories of digital assets which are considered in any comprehensive [digital estate plan](https://stephenpstewartlaw.com/digital-estate-planning/):

1. Hardware: computers, external hard drives or flash drives, tablets, smartphones, digital music players, e-readers, digital cameras, and other digital devices that can be used to store date electronically

2. Data: Any information or data that is stored electronically, whether stored online, in the cloud, or on a physical device

3. Online Accounts: email and communications accounts, social media accounts, shopping accounts, money and credit accounts such as PayPal, bank accounts, loyalty rewards accounts, photo and video sharing accounts, video gaming accounts, online storage accounts, and websites and blogs that you may manage, including any content you’ve posted to those sites, any communication and correspondence made through and stored on those sites, your personal information, credit card information, purchase and browsing history and any credit you may have and the information necessary to access those accounts.

4. Domain names

5. Intellectual property: including copyrighted materials, trademarks, and any code you may have written and own.

How many of these assets do you own? What happens to your digital estate? These are common questions that many people have as they begin to think about the implications of how many digital assets or online accounts they actually own and how many of them actually contain really important data or files.

The average American owns 90 online accounts and likely has no idea what happens to these assets when he or she dies. Do you? If not, dont feel bad. This is a very hard question to answer because the answer depends on several things, including:

1. Federal Law: The Electronic Communications Privacy Act (the ECPA), as amended, specifically, 18 U.S.C. §2702. The ECPA governs the voluntary disclosure of stored electronic content to third parties other than the owner by custodians of the electronic content. The rules are complex and there are different standards and requirements depending on, among other things, the nature of stored data and whether the account holder was the recipient or sender of the electronic communication.

2. State Law – The North Carolina Revised Uniform Fiduciary Access to Digital Assets Act (the NC Act). The NC Act prescribes rules and procedures by which fiduciaries such as executors and agents under powers of attorney may access stored electronic communications and content within the limits and rules prescribed by the ECPA.

3. The Terms of Service Agreement for each online account, such as Facebook, Google, and Yahoo!, have specific procedures for handling your account upon your incapacity or death and vary greatly in their flexibility, ease of use and degree of access granted to third parties, such as executors and agents under powers of attorney. For example, Google provides an Inactive Account Manager tool which allows you to designate persons to receive notice and/or access your stored content after a specified period of inactivity. You can also direct that the stored content be deleted. Other providers such as Apple and Yahoo provide that neither the account nor the stored content is transferrable at death. Rather, the account will be closed and the content deleted once they are notified of the death of the account holder.

How do you plan for your digital estate with so many variables and different providers?

Having established that (1) you have a digital estate; and (2) the rules governing your digital estate are complex, what do you do?

1. List all of your digital assets and how to access each and every one.

2. Decide what you want done with each digital asset you own, including whether they should be deleted, archived, or transferred to specific persons, such as family members or business partners.

3. Determine who you want to be responsible for managing and transferring your digital estate.

4. Determine what will be required to transfer, close, delete or otherwise manage your digital assets in each account. You should also provide for access to all devices such as computers, tablets and smartphones on which digital content is stored.

5. Consult with a qualified estate planning professional to formalize your digital estate plan and/or coordinate it with your traditional estate plan. In order to take advantage of some of the protections offered by state law such as the NC Act, you must include specific language in a will, trust, power of attorney or other document. TIP: Do not include usernames and passwords in a will, power of attorney or other document that may become part of the public record.

6. Store this information in a secure, but accessible place.

7. Review and update this information regularly.

In order to ensure that your digital assets are properly managed and preserved in the event of your incapacity or death, you need to make special advanced arrangements so your executor, trustee or agent will know what to do and will have the legal authority to do it. If you fail to properly plan for your digital estate, your loved ones will have a difficult time accessing your digital assets and, in some cases, access to accounts will be terminated and all digital content lost. Be proactive. Plan now. Get help.

The great digital beyond

The great digital beyond

A friend recently told me of the challenge she faced sorting through her aging parents’ belongings to prepare their home for sale.

Her father had died years ago and her 94-year-old mother had been living in an assisted-care facility for more than a year. Most of the items of sentimental or personal value had already been distributed to her siblings. What remained were her parents’ personal archives — letters, photos, employment/financial/legal/health records, all tangible, physical objects that, once gone, would be gone forever.

In the internet age, personal archives are no longer limited to the tangible. In fact, much of one’s personal archives is now digital — emails, texts, photos, videos and social media accounts. And there’s a lot more content generated and stored than ever before. Some is saved on personal storage space, such as a computer hard drive. Other material lives in the cloud in services like Facebook, Google Mail and YouTube. In most cases, that content is protected by some kind of password.

So what becomes of all of that information when someone dies? Does it remain online forever? Can it be altered, deleted or downloaded, and if so, by whom? And how do these digital artifacts represent your life and legacy?

These questions inspired Evan Carroll and John Romano to create the website thedigitalbeyond.com to address these needs and concerns. Together they wrote the book “Your Digital Afterlife” in 2011. Since that time an entire industry has emerged to help people plan for managing their digital legacy. Thedigitalbeyond.com lists dozens of such online services. Some are free while others are fee-based.

Knotifyme.com, for example, “answers the question, ‘What happens to all my online accounts if I get amnesia, Alzheimer’s or if I leave from this world?’ With knotify.me you set future notifications to be sent to your family and beloved people or to yourself, ensuring that nothing of your digital life will be wasted (and) transfers your online property/heritage (urls, domain names, e-mail & social network accounts, etc.) to whomever you wish to continue it in the future!” You can sign up for this free service through your Facebook, Twitter or Google accounts. In short, according to its tagline, Knotifyme.com “manages your digital heritage.”

To address financial matters, consider Legacyarmour.com, which describes itself as “a secure asset protection platform where you organize your important information in encrypted vaults, and …. automatically deliver it to your designated recipients on a scheduled date, or in case of your death or incapacitation.” It is a fee-based membership service with different levels of coverage and prices depending on what you want.

The rapid growth of the web has outpaced the law in the realm of the digital afterlife. It wasn’t until 2015 that the Uniform Law Commission, a nongovernment organization, created the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). It has since been adopted by 40 states and been introduced in five more this year. As its name suggests, RUFADAA “allows fiduciaries to manage digital property like computer files, web domains, and virtual currency, but restricts a fiduciary’s access to electronic communications such as email, text messages, and social media accounts unless the original user consented in a will, trust, power of attorney, or other record.”

Some online services have their own policies for providing access to a person’s account after he or she dies. Facebook allows users to designate a “Legacy Contact” who is legally permitted to enter someone’s account to post, respond to friend requests, and update profile and cover photos. The Legacy Contact may also be given the power to download an archive of the photos, posts and profile information in that account. Facebook users can also simply opt to have their account permanently deleted after their death. Google offers an Inactive Account Manager feature that allows users to share parts of their account data or notify someone if they’ve been inactive for a certain period of time.

One important and often repeated piece of advice is to never put usernames and passwords for any online accounts in your will, as it becomes a public record once it is entered into a probate court file.

It is never too soon to start estate planning, whether it be for tangible assets or digital ones. It may be well worth your time to investigate the policy options of your online account services and perhaps even avail yourself of some of the many digital afterlife services available today.

Cerise Oberman, SUNY Distinguished Librarian Emeritus, retired as dean of Library & Information Services at SUNY Plattsburgh. She can be reached at cerise.oberman@plattsburgh.edu. Tim Hartnett is associate librarian at SUNY Plattsburgh, Reach him at tim.hartnett@plattsburgh.edu.

What happens to your online accounts when you die?

What happens to your online accounts when you die?

BSides Manchester What happens to the numerous user logins you’ve accumulated after you die or become too infirm to manipulate a keyboard?

Some people have a plan, the digital equivalent of living will, or have chosen “family” option in a password management package such as LastPass or have entrusted a book of passwords to a family member.

But the consequences of doing nothing are not as neutral as some might expect and were spelled out during an informative presentation by Chris Boyd of Malwarebyes at BSides in Manchester on Thursday. The presentation, cheerily titled “The digital entropy of death”, covered what could happen to your carefully curated online presence after you log off.

Chris Boyd at BSides - Pic by John Leyden
The dormant accounts of the deceased can be abused, warns Malwarebytes’ Chris Boyd. Pic: John Leyden

Miscreants are already targeting obviously abandoned profiles. Boyd explained that in some cases it’s easier for fraudsters to gain hold of these accounts than the account-holders’ relatives, because crooks know the systems better and controls – although present – are often deeply embedded on the sites such as Facebook, Twitter et al.

Alongside regular postings asking for help on Facebook due to compromise of dead people’s logins (examples here and here) there’s also the problem of “cloning”.

“Facebook users have reported receiving friend requests from accounts associated with dead friends and family members,” The Independent reports. “Such requests appear to be the result of cloning or hacking scams that see criminals try [to] add people on the site, and then use that friendship as a way of stealing money from them or running other cons.”

Social media accounts are, of course, just the tip of the iceberg. Most people these days run 100+ accounts, as figures from password management software apps show. These figures are only increasing over time. Some sites are managing the inevitability of their users shuffling off this mortal coil with features designed to deactivate accounts after months of inactivity or other features, Boyd explained in a recent blog post:

Many sites now offer a way for relatives and executors to memorialise, or just delete, an account. In other circumstances, services would rather you ‘self-manage’ and plan ahead for your own demise (cheerful!) by setting a ticking timer. If the account is inactive for the specified length of time, then into the great digital ether it goes.

While a lot of services don’t openly advertise what to do in the event of a death on their website, they will give advice should you contact them, whether social network, email service, or web host. When there’s no option available, though, people will forge their own path and take care of their so-called ‘digital estate planning’ themselves.

Users would be ill-advised to leave everything to their next of kin. “Do some pre-handover diligence, and take some time to ensure everything is locked down tight,” Boyd explained. “If there’s anything hugely important you need them to know, tell them in advance.”

People may have bought digital purchases tied to certain platforms. Games on Steam, or music on iTunes or Spotify.

“Legally, when you go, so do your files (in as much as anything you can’t download and keep locally is gone forever),” Boyd explained. “That’s because you’re buying into a licence to use a thing, as opposed to buying the thing itself.”

Here’s a video of his presentation, if you want to see more…

There’s nothing stopping someone from passing on a login to a family member so they can continue to make use of all the purchased content, at least for now. Boyd predicted that at some point, all of our digital accounts tied to financial purchases will have some sort of average human lifespan timer attached to them.

Millennials mark the first generation not to know life before an always-on, everywhere internet, which will become the norm from now on. “Younger generations absolutely will demand reforms to the way we think about digital content, ownership, and inheritance,” Boyd concluded. ®

As well as the inevitable rise and fall of social media site (e.g. MySpace), and web 2.0 services there is also the issue of link rot, the phenomenon of more and more URLs not working over time. This issue is covered by Boyd in another recent blog post here.

The One Big Thing Your Estate Plan Is Missing

The One Big Thing Your Estate Plan Is Missing

The One Big Thing Your Estate Plan Is Missing

You may have great estate planning documents. You may have discussed them with your family. You may have even inventoried your digital assets and feel that your job is done. But your estate plan may still be missing one BIG thing: a “letter of instruction.”

Do your representatives know what to do?

Managing an estate is a tough job. If you died today, would your Successor Trustee or other representatives even know where to start? Where is the key to your safe-deposit box? Where are your car titles? What is the combination to the floor safe? Where is the abstract of title to your home? What are the passwords to your computer and other online accounts?

A letter of instruction is meant to help guide your representatives through administering your estate after your death. Imagine that you could stand over the shoulders of your spouse or children or other loved ones and tell them exactly what needs to be done. Very likely, these individuals are going through a tremendous amount of stress and grieving. But you can ease their burden by leaving step-by-step instructions to help them through the process. That is the purpose of a letter of instruction.

What should my letter contain?

There is no right or wrong way to prepare a letter of instruction. A few ideas were mentioned above. Include a list of where your assets are located, how to access your accounts, where you keep important title documents, etc. These pieces of information are essential to managing any estate.

However, your letter can provide even greater detail. What subscriptions (cable, newspaper, lawn service) need to be canceled? What are the names and phone numbers of your advisers (financial, medical, spiritual, insurance) that should be contacted after your death? How can your representatives contact your family to let them know of your death? Where would you like your funeral held? Do you have a preferred program for your funeral? Do you already have an obituary prepared?

Your letter can also include instructions for distributing small items of personal property that have low market value — but high sentimental value — to your family. You may wish to distribute these items to certain beneficiaries rather than having them sold with your other property as part of an estate sale. Letting your representatives know about your wishes could keep these items from being lost forever. Remember, however, that your letter of instruction can only voice a preference for how you want untitled personal property distributed. All gifts of titled property must be made through proper legal documents.

Talk to an attorney about a letter of instruction.

Estate planning involves more than just legal papers. It is also about more than just your own well-being; it is about providing for your loved ones after you are gone. To discuss how you can take care of your loved ones after your death, contact the Oklahoma City estate planning attorneys at Postic & Bates for a free, no-obligation consultation appointment.

As a bonus, click below to download our FREE Estate Planning Guide for access to over 70 pages of information about estate planning and probate:

[As with all our posts, the contents of this article do not constitute legal advice and are subject to our site-wide disclaimer.]

Planning for a Digital Legacy

Planning for a Digital Legacy

Digital property is increasingly becoming a more important part of estate planning. Individuals should consider their digital property, in addition to their tangible assets, when finalizing and reviewing their estate plans.

A person’s digital property and electronic communications are referred to as “digital assets” and the companies who store those assets on their servers (Google, Facebook, Apple, etc.) are referred to as “custodians.” Digital assets are typically governed by terms of a service agreement — not by property law. These service agreements are unhelpful when a user passes away or becomes incapacitated. As the number of digital assets we have increases daily, so does this growing issue. To address this, many states have adopted the Revised Uniform Fiduciary Access to Digital Assets Act (UFADAA), which allows a fiduciary the legal authority to manage another’s property and specifically allows Internet users the power to plan for the management and disposition of their digital assets.

Digital assets should be included in your normal estate planning and wealth transfer conversations with your estate planning attorney and family members. Your estate planning attorney may create an amendment to your existing will, trust, or power of attorney to give the designated agent the authority to direct or dispose of your digital assets. This amendment may take the form of a Virtual Asset Instruction Letter, which allows you to list accounts, instructions for those accounts, and the person(s) designated to access them.

Digital assets, while not always tangible, can be very valuable. For example, airline miles and hotel points have obvious monetary value, while photos, emails, and other creative works have sentimental value. As a result, it is important for individuals to have a plan for photos, email and social media accounts, financial accounts, and online memorabilia and documents.

Please contact us to request additional resources on creating a digital estate.

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