Creating a will for your online accounts not only helps you leave instructions on what happens to your online accounts, but also protects your loved ones from long and expensive hours in court during the toughest time of their life.
Thankfully, creating a digital will makes it relatively easier for your loved ones to carry on your wishes.
Here are 6 easy steps to help you create the perfect will for your online accounts –
Step 1: Create a List
Simply make a list of all your digital assets (social media accounts, laptops, phones, banking accounts, cryptocurrency wallets, photo/video storage, etc.). This will help you keep track of all your digital assets.
Step 2: Add Account Details Separately
In a different document from your will, provide usernames, passwords, PINs, answers to security questions, related IDs, etc. to all your digital assets. Your will goes public after you pass on. Omitting sensitive information of your online accounts from your will helps protect this data.
Step 3: Draft Instructions
Leave clear instructions to your executor on what you want to do with each account. For this, check the legacy policies of your online accounts and decide if you want to pass on the account, delete it, etc.
Step 4: Appoint an Executor
Name a “digital executor” in your will. This could be a friend, family member or an attorney you trust. It is typically suggested to name one executor and one alternate executor. Don’t worry, your executor’s legal authority to manage your assets is limited by company policies, state and federal laws, and your instructions. (Read more here)
Step 5: Store your will
Store your will and the document with your account details either digitally (hard drive, Clocr’s digital vault) or physically (with a trusted person, safety locker). The best choice is to have multiple copies in different formats for maximum security.
Step 6: Revise, Revise, Revise!
Every 2-3 years, go through your will for your online accounts and make revisions wherever you require. This way, your will always reflects exactly what you want.