At the last retirees meeting we discussed the creation of a digital will, please take time to read the following article on the use, need and creation of digital wills. While a personal will is a legal document, a digital will is not a legal document, it is put into place with the specific aim of assisting your family or executors deal with or close off your digital or online presence.

This entire article should be considered as common sense suggestions only and should not be taken as legal or estate planning instructions.

Please, if you do not understand a section or suggestion in this email feel free to contact me for clarification.

I have included a Digital Will template in Doc form here for assistance in the creation of a digital will. This is a general use template only and will no doubt require alteration by every user.

Rick Eagar

~ CREATING A DIGITAL WILL ~

~ A SURVIVOR CHECKLIST ~

At some point in your life, you will likely have assets and investments that you need to make arrangements for in the event of your passing. You may also have children, spouses or other loved ones who need to be looked after if something happens to you. And at some point, you may need to care for a spouse or close family member or put their affairs in order after they pass on.

Nothing can spare us the heartache of these life events, but you can prevent unnecessary difficulties and stress by planning ahead. When preparing a will, many of us focus on our monetary and physical assets. But what about social media accounts, email addresses or the myriad of online accounts we use to manage our lives every day?

Making a “digital will” that includes passwords and other important digital details will go a long way in helping those who need to settle your affairs, or in helping you if you need to settle the affairs of others.

Who Needs a Digital Will

We all arguably need a digital will. So much of our lives are now managed online. Whether it’s online banking, paying bills and the mortgage, managing investments, managing online photo collections or even just socialising with family and friends, we have countless online accounts that we use to go online every day.

It can be messy and overwhelming for anyone trying to carry out our final wishes or manage our accounts if we haven’t put things in order ahead of time. Many companies have unclear policies in the event of someone’s passing, resulting in lengthy wait times, stressful processes, and endless hand-offs from one representative to another just to reset a password or get access to an account.

That’s where a digital will is essential. You may need a digital will if:

• You have a significant online presence and want to ensure it’s handled according to your wishes

• You have a significant other who needs to continue managing day-to-day life in your absence, like paying the mortgage or bills.

• You run a business and have passwords to critical company accounts that need to be settled or handed off should something happen

• You have ageing parents or close relatives who need assistance managing accounts and carrying out their final wishes

• You manage your financial assets online and need to ensure someone you trust can settle your accounts

Beyond managing usernames and passwords to important online accounts, you can also use a Digital Will to organise the information for:

• Safety deposit box contents, location info and key(s) location

• Bank account numbers and location

• Life insurance policies, account numbers, value, contact info

• RRSP, RIF etc, account numbers, value, contact info

• Listing of real estate holdings, value, contact info

• Credit cards to settle and cancel

• Recurring subscriptions to settle and cancel, how to access, which payment cards they're charged to

• Online accounts, social media, photo storage etc. to close out. Instructions for accessing and saving of online photos and media

• Passwords or PINs to your computers, tablets or smartphone

• Voicemail PIN or Password

• Loyalty cards and membership numbers and passwords

• Medical IDs and insurance numbers

• Home WiFi passcodes

• Any other information you deem important to your executors.

It is important that this document is prepared with the knowledge and coordination of your spouse or partner and that the executor of your will made aware of the existence of the document.

A hardcopy of the document (minus passwords or sensitive information) should be kept in a safe fireproof location in your home; a copy can also be given to the executor of your will.

A hardcopy (paper) of the document (including passwords or sensitive information) should be kept in your safety deposit box only.

!! Remember your executor does not have automatic access to your safety deposit box after your passing. Confer with your bank for details on granting the necessary people access.

!! DO NOT keep the document with intact sensitive information (passwords) on your computer or readily available in your household.

- Insert the sensitive info into the document

- print a copy for your safety deposit box

- replace the info/passwords with asterisks (*)

- In this non-sensitive format, you can then safely store the document in its digital format on your computer or in hard copy

!! Don’t forget to back it up

Document All Online Accounts

Getting access to and managing an account on behalf of a loved one is extremely difficult if you don’t have the right information and passwords in advance.

When you give someone power of attorney or similar authority, or when someone grants the same authority to you, immediate steps should be taken to make an inventory of all websites and online accounts. Include the website name, web address, username, password, and any other relevant information like security questions and answers, PIN numbers or security codes, and account numbers. If you have two-factor authentication turned on for an account, be sure that’s noted, too, with instructions on how to log in.

Then, make sure whoever you designate as your trusted contact knows how to find and use this digital inventory.

Activate Digital Heirs Where You Can

Some websites do have processes for designating a digital heir and allowing your trusted contact to carry out your final wishes. Be sure to note in your digital will where you have turned on these features. Here are some websites where you may want to activate a digital heir:

• Google offers an Inactive Account Manager feature that lets you designate up to 10 trusted contacts to be notified if your account goes inactive, and give them access to your data (with your permission).

• Facebook lets you designate a Legacy Contact who can memorialise your page.

• Instagram allows you to memorialise an account after completing the required steps.

Unfortunately, not many web services offer an automated process for handling accounts after death, so it’s essential that your passwords are accessible to your digital heirs.

Easing the Load with a Password Manager

Organising a digital will is essential, but it does take time. One way to simplify and automate the process is to use a password manager to collect a lot of this information in one, secure place.

Password managers like LastPass, Dashlane or 1password safeguard all of your website accounts and the usernames and passwords you use to access them. You can also store notes for other types of important information, and even attach documents and photos for safe keeping.

With some password managers, you can designate an Emergency Access contact for your account. That means your trusted contact could request access to your password vault should you pass or become incapacitated. By having all your passwords safe in one program, you need only include your one master password in your safety deposit box copy of your Digital Will.

LastPass password manager allows you to set up an emergency access account for a trusted individual. When your trusted contact requests emergency access to your vault, they will have to wait for the period of time you specify before being allowed access. During that time window, you can decline their request to access your vault. Obviously, if you have died or are incapacitated you will not be able to decline the request thus giving them access to your digital info after the allotted time span.

Some password managers can essentially act as a basic digital will, and allow you to specify your digital heir, and then automate the process of securely transferring your digital information with all of your passwords and important information to your trusted contact.

Not only do you have the benefit of a password manager that makes it easy to remember your passwords and log in to your online accounts, you can also enjoy peace of mind knowing your loved ones can access the information they need in your absence.

Don’t Delay, Prepare Your Digital Will Today

Creating a digital will may not be your ideal way to spend a rainy afternoon, but taking the necessary time to do so is an excellent gift to give your loved ones. At some point down the road, this document will save them a lot of stress in dealing with your estate. By setting up a digital will, you and your loved ones can feel more prepared for the future. And once you have a process in place, it will be easier to maintain your digital will going forward.

Some Important Steps/Points:

• If you don’t have a will and powers of attorney, take the necessary steps to get these documents in place

• Create a digital will for you and your spouse/partner

• I suggest, if you haven’t already, start using a good password manager. They are wonderful tools to aid you not only in password management but also in keeping your digital life under control.

• I would also suggest, if you haven’t done so already, begin using ** 2-factor authentication** for any online accounts that allow for it.

• Important Point: a will and a power of attorney are legal documents. A digital will is not, there is no legal requirement for your executor to act on or use a digital will but it will definitely make handling your estate easier. Putting this document into place will go a long way towards helping those who need to settle your affairs.

• Remember to keep your digital will up to date, take time once a year to review it and make any necessary changes.

• Keep track of all copies of your digital will and destroy out of date copies.

• This entire document should be considered as common sense suggestions only and should not be taken as legal or estate planning instructions.

• Lastly, I reiterate, DO NOT keep a copy of the digital will complete with passwords, master password or other sensitive information on a computer or in hardcopy (paper) form in your household. This information should be contained in your safety deposit box copy only!

Credits:

Select sections of this document have been copied from the following sites

Lastpass – Preparing a Digital Will for Your Passwords

Death in the Internet age: How to prepare for a digital afterlife