Protecting Digital Assets After Death | General financial discussion | Discussion forum

Good topic and thanks for the link. However I felt empty after this.

Far too vague, almost nothing tangible to even start, ie; no pro forma layout for a Plan, as I expected.

And finally a bottom line to consider seeing THREE professionals? And that's after reading all the terms and conditions of every asset to see what is owned or actionable after death by whom.

You would think an article like this, after mentioning airline miles and credit card points for example, would include a listing of all such "assets" and the conclusion for each one re: digital assets after death. Because its obvious those conclusions have been reached many times before.

The article did nothing except remind me to back up my photos and videos again!

I have a complete list of my digital footprint as well in my Estate files. Most (if not all) of my login credentials are kept in a Password Manager for which my POA and Executor have a means to access in event of my death/incapacitation. They would have the ability to cancel accounts, sell/transfer rewards/points before informing them of my death (as an example) if they wish to do so. In most cases, trying to monetize points/rewards is hardly worth the time and effort and would hope my POA/Executor use some common sense but I would like them to cancel my enrollment in things like this forum, and erase my presence on FB, etc.

cgouimet said

Could you say more about your documented estate directory?  

An 'Estate Directory' is typically a fairly large, detailed document, cataloging everything regarding one's estate. I keep mine on three different hidden encrypted memory sticks, and update them as often as needed.

An example of more details ➡ https://canwealth.com/estate-directory

Just like Wills, POAs, an Executor, etc., virtually everyone should have an
Estate Directory.

Hope that helps,

Dean

I have 8 page Word documents (11 font), one each for POA and Executor, to cover all that material. I have 2 documents because some things are important and relevant to only POA responsibilities and processes, while some things are important and relevant only to the Executor. There is perhaps 80% of the material that is identical.

Each of the documents has a few sentences about the 100-150 online accounts with logins and passwords and how most are covered by a Password Manager and how to access it. What I would call the Digital Assets or Online Footprint. They cover some guidance regarding cancellation and/or erasure of online presence, such as cancellation of my membership in this forum.

The POA document contains comments referring to my Health Directive and how to interact/liase with, and support, a surviving spouse.

The POA document especially also refers to my IPS (Investment Policy Statement) for continued portfolio management strategies and objectives to allow continued cash flow for the potentially many years in which I may be incapacitated. It also contains comments referring to my Health Directive and how to interact/liase with a surviving spouse.

The Executor document has specific information related to Final T1 and T3 trust returns and a flag to engage an accountant as regards US Estate Tax filings for US domiciled assets.

The documents are both digital (computer and cloud backup) and in hard copy in the Estate folder in the home file cabinet. We purposely do not have SDBs due to complications that often occur regarding access by POA or Executor.

cgouimet said

Thanks for that. I do keep a SDB just in case of issues at home like fire/water damage or whatever.  

I understand that is a personal thing depending on personal valuables. For us, we have no documents at home that cannot be downloaded from the cloud, or if original such as Wills which I think is the only original document we have, are with our lawyer for safekeeping. Things like insurance policies, passports, birth certificates and land titles are already in the cloud or readily available from official sources.

I've got everything in a notebook in a locked filing cabinet plus replicated on two USBs in another locked cabinet. Not exactly sure what else an "Estate Directory" would add - ? I have no social media or other online stuff except banking and email, don't really see the need to do anything about that.

Executor has keys to filing cabinets as well as is joint on SDB.

Okay... what's an "SDB?"
RetirEd

Absolutely no offense taken, Dean, you're just being helpful. Ok, I'll put everything on another 2 USBs and keep them in my SDB, update them every month or two.

I figure thieves are younger folks and don't know what a filing cabinet is, or else wouldn't be able to decipher information not in digital form, but better safe than sorry I guess.

Thanks, Dean.

Dean said
.
Awww Jeesh, RetirEd ⬆ ... Everybody knows that ❗

SDB = Safety Deposit Box

Dean

  

Or I think of SDB as: Safe Deposit Box. It is a box in a safe with your "personal" deposits.

This is an interesting topic and is a good reminder for me to make some more recent backups.

Having worked with computers and network security since the 90's, today I am a confirmed luddite and will never rely on the warm and fuzzy marketing coup we call the "cloud" (aka - someone else's server(s) located somewhere on the planet).

The mere thought of actually relying on digital devices such as USB sticks that can fail with a simple drop to the floor, and/or remote servers even with the best touted security, sends shivers down my ever suspicious, cautious, aging spine.

Call me old school, or something worse if you like 😉 but I am relying on a hardware fire resistant safe in home for all essential documents some of which are often needed regularly, including a hand written rolodex in the safe containing all logins (feel free to laugh out loud), along with backup info at my bank safety deposit box, two noisy alarm dogs (we live close to something akin to paradise and seldom leave home) and a well versed son and daughter in law, who know the where abouts of any essentials and clear instructions.