How many times in the past few months have you gone to the bank? Issued a cheque or even made a transaction there? Well, if you are like all of us, you probably do most of your transactions online. Why? It is simply because the internet has made it convenient for all of us.
Even in other avenues of life, do you run to get your photos printed after every trip now like you used to? No, right? You simply post your favourite pictures and videos online on your social media account and share them with your friends and family.
We need to acknowledge that the internet has changed the way we do things. So many of our assets are now “digital”. From valuable pictures of your friends and family that you would like to pass on to your loved ones to your banking details, all of it is on the internet.
Have you ever wondered what would happen to all these digital assets once you are gone? How will your friends and family have access to your digital accounts if they need to shut them down or even memorialize them? When people set their last will and testament, digital assets often take a back seat. Should you include your digital assets in your will, how will you give the passwords that the executor would need to access all the digital accounts?
Should I include my online passwords in my Will?
Should you include your passwords in your will? Well, not really. You should ideally have a separate executor for your digital assets like your online accounts, social media, websites and more.
If you are someone who keeps track of their password, one solution could be that you make a list and store it in a safe deposit box, somewhere it will always remain private until given instructions otherwise. Although is it logical to do so?
You might often need to update passwords depending on the site or service you are using. Therefore, the safe deposit box solution seems impractical because you might not always have access to it. Luckily, you can create digital wills.
What is a Digital Will?
The name is quite self-explanatory. A digital will of a person decides what will happen to their digital assets when they are no longer with us. In a digital will, you can list out all your digital assets and property, where it is located and how to access it. You can also detail what actions you want to take with your online accounts
You can appoint a digital executor who can delete it, pass it down to your loved ones, or archive it. To create a digital will, you will need to list down all of your usernames, passwords, emails, contact details and more. You can even think one step ahead and store it all in a digital safe deposit box or digital vault where your file will not only be secure but also accessible to you at all times.
If you have understood the value of your digital assets and realised the need for a digital will or a digital vault where all of this information will remain secure. Luckily, Clocr might just be the right answer for all your needs. You can create a complete Digital Legacy Plan with just a click of a button. Their patent-pending, ultra-secure Digital Vault keeps your passwords, master passwords, and bitcoin keys private, safe, and secure.
Not only that, you can create and share your digital asset access authorization details with beneficiaries, wealth managers, estate lawyers and loved ones digitally, or print a copy, notarize it, and place it in a safe deposit box.