Estate planning has taken on a different flavor during the digital age. We obviously exist and interact in the physical world, but most of us do the same in the digital world.
As a result you must consider all of your online accounts when you are planning your estate.
When you are engaged in the process of estate planning, you would do well to take stock of all of your assets and liabilities. You may well conduct a lot of business online so you must inventory your online accounts, and this is part of the equation.
The representative that is going to be administering your estate is going to need access to these accounts. This is something that you should take into consideration.
Different entities have varying policies regarding the digital estate planning. Google recently came out with their own tool to address this matter.
It’s called the Inactive Account Manager. You can set the tool to take a certain type of action if you are inactive for three months, six months, nine months or 12 months. You set the duration through your Google Account settings.
If you’re inactive for the period of time that you decide upon Google will try to get in touch with you to ask if you really want to go forward. If they get no response the Google accounts that you have will either be deleted or the information will be passed along to a representative or representatives that you selected when you engaged the tool.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.