Managing your digital assets is not something you may often think about. These days it is not uncommon for people to monitor their bank accounts, credit card statements, investments, etc. through online access. Many people no longer even receive a paper statement in the mail. You can access all this through just a variety of usernames and passwords you have chosen. But where do you keep that log in information? Who else knows what your passwords are? If you were to die today, would anyone even know about all of your accounts? These are all questions that need to be considered. The Wall Street Journal article "What Happens to Your Digital Assets When You Die?" discusses this very issue.
One way to help eliminate the stress and confusion of digital assets on your family is by using LegalVault™. LegalVault™ is a secure online document storage system in which you can access through our website. It has the same level of encryption as banks and credit card companies. LegalVault™ allows you to upload and input any information you wish. Our office will upload all of the estate planning documents that we have executed for you. We then recommend that you upload documents such as, marriage license, real estate deeds, loan agreements, etc. There is a section of LegalVault™ that allows you to list all of your financial and asset information. There is also an External Site Passwords section that allows you to keep a list of all of your online digital accounts. You should input all of your passwords, from your credit cards and bank accounts to your email addresses to your Facebook and Twitter accounts. If kept current and accurate this can be immensely beneficial to the executor of your estate. Upon your passing, we will change your account to a “deceased account” and a new log in will then be generated to allow access to your executor.
Another benefit of LegalVault™ is the healthcare section. We will upload your healthcare documents, as well as input any medical conditions, medications and emergency contacts. Along with this, you will receive a wallet card and a sticker for your insurance card. These become important in case you are in an accident; the hospital will find the card and be able to log in to a special LegalVault™ Hospital Log In section on our website. They will then instantly be able to view your medical history, Healthcare Power of Attorney, HIPAA Authorization and Living Will. This can be especially beneficial for those who travel, as it is accessible worldwide.
Please contact Diane to find out more about LegalVault™ at (630) 443-8575 or diane@fitzgeraldandperrylaw.com.