How can you protect your online financial data when you’re not alive

Do you ever think that what happens to your virtual financial account when you’re dead? If no, then you should think about it now. If most of your financial work and accounts are digital, then don’t waste time. Get set and protect your online assets now so that your loved ones can get what you leave for them.

What happens to your digital assets after your death

All your email accounts, bank accounts, social networking profiles, online purchases, brokerage, PayPal, eBay, bitcoin accounts are considered as digital assets. If you don’t sort them out, then they will go unaddressed in estate planning after your death. So, it’s advisable to organize all the digital assets and document them just like an estate planning.

Make a list first to organize

At first, you need to find out all your online accounts, subscriptions, membership and put them in a list. You can organize your data by creating a spreadsheet. The spreadsheet must be password protected and also use headings (web address, password, user identification, account number).

Decide a custodian

It is one of the most crucial parts of organizing digital asset. You must select a person, who will play the role of a custodian or a trustee. You can select your spouse, a friend, any family member to whom you can trust. Make sure the person can manage the responsibility as per your direction.

Hand over the access to the custodian

Choose a secure place to keep the hard copy of the spreadsheet. The custodian of your digital assets can access the document when needed. You can store your passwords using online services as well. Some of the websites you may consider are Dropbox, Legacy Locker, Asset Lock, Secure Safe, etc.

Seek expert advice

These days, the estate planning community merges the digital assets part into their service. Now you can get assistance for both your online assets and a will. So, you should talk to your estate planning attorney to get more information. Only an expert can make you aware of the laws related to digital assets.

Final thoughts

When you have digital assets, it's important to protect them so that your loved ones can get the benefit or simply keep your online assets safely. Try to think about this topic proactively and talk to experts to know in details. Now, digital asset management is as important as other assets like property, jewelry, cash and so on. So, before it gets too late, you should give protection to your online assets.

Read more - Social media scams: Let no con artist thrive on your dollars