Creating an Online Estate Plan

July 17, 2009

With the popularity of online banking and social networking sites growing exponentially, many wonder what happens to an individual’s “online assets” after he or she dies. For example, banks now allow their patrons to go entirely “paper-free.” This means that no paper trail of statements, payment history, or accrued interest can be found. A patron is simply notified via email whenever his or her statement becomes available.

If the deceased individual did not leave any printed out versions of bank information, or any records of usernames and passwords, then the information can be nearly impossible to retrieve. Only a court order can grant an individual access to the account of a deceased loved one.

For this reason, many are encouraged to consider leaving behind their usernames and passwords with trusted relatives or friends, or even in the text of wills or other legal documents, to be disclosed to the deceased’s beneficiaries after death.