SALT LAKE CITY — Your digital life — from online bank accounts to frequent flier miles to social media — will likely outlive you. And with the fast changes in technology, it's important to have a plan on our estates.
Many people check their bank accounts online, review online trading accounts, catch up on emails or browse Facebook and Twitter nearly every day. Many even buy music or movies online. But what happens to all that stuff when we die?
"We don't think about it, or try not to think about it," said financial planner Shane Stewart.
Nevertheless, Stewart said everyone needs to address it. He recommends separating the digital estate into two groups: personal and financial. It may even be helpful to designate a separate "digital executor" for each group.
"It might be well to pick a family member or friend that can go into my Facebook and close it down, or go into my Twitter or my social media accounts," Stewart said. "But I might not want them handling my money."
The individual handling the financial estate will need to have access to the accounts; lists of usernames, passwords and security questions need to be constantly updated.
"It needs someone to know how to get in there and be authorized to handle it immediately without too much delay," Stewart said.
That means all the information for your digital accounts should be in one place.
"I've seen people put them on a flash drive — all the passwords and those type of things — and then lock them up," Stewart added.
Those files on your computer — music, movies and books — need to be backed up and stored. But access to those digital assets — where they are and how to access them on the computer — need to be given to the "digital executor."
However, Stewart said to be sure to check terms of agreement before setting all plans. Some media stories, like Apple's iTunes, will say the user bought a license for an individual song that was downloaded, but that it can't be legally passed on to someone, even after death.
Your digital life — from on-line financial institution accounts to frequent flier miles to social media — will doubtless outlive you. And with the quick modifications in expertise, it is essential to have a plan on our estates.
Many individuals test their financial institution accounts on-line, evaluation on-line buying and selling accounts, compensate for emails or browse Facebook and Twitter almost day by day. Many even purchase music or films on-line. But what occurs to all that stuff after we die?
“We do not give it some thought, or strive not to give it some thought,” mentioned monetary planner Shane Stewart.
Nevertheless, Stewart mentioned everybody wants to handle it. He recommends separating the digital estate into two teams: private and monetary. It could even be useful to designate a separate “digital executor” for every group.
“It could be effectively to decide a member of the family or pal that may go into my Facebook and shut it down, or go into my Twitter or my social media accounts,” Stewart mentioned. “But I may not need them dealing with my cash.”
The particular person dealing with the monetary property will want to have entry to the accounts; lists of usernames, passwords and safety questions want to be continually up to date.
“It wants somebody to know the way to get in there and be approved to deal with it instantly with out an excessive amount of delay,” Stewart stated.
That means all the knowledge for your digital accounts ought to be in a single place.
“I’ve seen individuals put them on a flash drive — all of the passwords and people sort of issues — after which lock them up,” Stewart added.
Those information on your laptop — music, motion pictures and books — want to be backed up and saved. But entry to these digital property — the place they’re and the way to entry them on the pc — want to be given to the “digital executor.”
However, Stewart stated to make certain to verify phrases of settlement earlier than setting all plans. Some media tales, like Apple’s iTunes, will say the consumer purchased a license for a person music that was downloaded, however that it may possibly’t be legally handed on to somebody, even after death.