How many things do you now do digitally that you used to do otherwise? If you think about it, probably a lot of things. Many of us no longer physically balance a checkbook or keep written bank statements. All of that information is online at our bank’s website. We no longer pay our cable bill by writing a check and sending it in. We have automatic payments set up. This new way of handling our finances digitally creates new problems for your estate plan and how your assets will be handled after you pass away
Take the example of paying the cable bill through automatic payments. In the past, if an Executor wanted to cancel the cable service, he or she could call the cable company or just stop sending checks. How is the Executor going to stop automatic payments? The Executor would probably need to know how to access your online banking information and possibly the access information for your account with the cable company. It’s much more complicated now.
Make sure that the Executor of your estate has the information necessary to deal with your digital accounts. The cable bill is just one example, but you probably have many more. Talk to your estate planning attorney about your digital assets and how to plan for what happens to them after you pass away.
Stephen A. Mendel, Estate Planning Attorney
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