Estate planning isn’t just about homes, bank accounts, and other physical assets anymore. Local attorney John Levy says today’s plans should also consider the digital information loved ones may need to access accounts and carry out your wishes.
We Are Austin host Trevor Scott sat down with Levy to discuss revocable trusts and why he recommends considering what he calls a “data executor” as part of the estate-planning process.
Watch the full video above for Trevor and John’s complete conversation about protecting your digital life.
When important information is locked away
Levy says many people establish revocable trusts in an effort to avoid probate and simplify the distribution of assets after death.
But even with a trust, complications can arise if the people handling an estate can’t locate accounts or access important digital information.
“Those left behind to handle the estate may not have the necessary computer ID or passwords to identify the contents of the decedent’s bank account, stocks or other assets,” Levy said.
With more financial information managed electronically, Levy says estate plans should evolve accordingly.
Protect your digital life! Why estate planning may need to include your passwords
What is a “data executor”?
Levy recommends clients consider naming someone in their trust to handle necessary digital information.
“As part of your estate planning, one should appoint someone in the trust called a data executor, for lack of a better term,” Levy said.
According to Levy, that person would typically be the successor trustee or executor and could be given instructions within the estate documents regarding access to information needed to administer the estate.
“Protecting their digital life is a fact of life in our electronic age,” Levy said.
Because laws, account agreements and access rights can vary, individuals should work with a qualified attorney to determine how digital assets and credentials should be addressed in their own estate plan.
Protect your digital life! Why estate planning may need to include your passwords
Starting the conversation
Levy offers phone consultations to discuss estate-planning needs with no obligation to move forward afterward.
For more information, contact John Levy at (512) 461-8622 or search for previous John Levy estate-planning conversations in the We Are Austin section of CBS Austin.
Estate-planning laws and individual circumstances vary. Consult a qualified attorney for advice about your specific situation.
Protect your digital life! Why estate planning may need to include your passwords