Handling Passwords During Tampa Estate Planning
According to the World Economic Forum, almost 20% of items sold on the dark web are passwords, emails, and account data. Every Tampa resident should strive to protect their passwords, and this priority is particularly important during the estate planning process. How exactly should you handle your passwords for banking, crypto, and stock trading while creating an estate plan in Tampa? This is something you might want to discuss with your Tampa estate planning lawyer.
What if I Regularly Change My Passwords?
Cybersecurity experts recommend changing your passwords every three months. This dramatically reduces the chances of your password being hacked or stolen, since hackers will likely find passwords that are no longer in use. Experts also recommend using different passwords across multiple accounts rather than using a single password for everything.
This is all well and good but what happens when you pass away? Even if you put your old password in an estate planning document, it will likely be obsolete by the time you pass away. This is a common issue for estate planners in Tampa. However, you can maintain your cybersecurity, switch passwords regularly, and also achieve positive estate planning goals.
The obvious choice is to “rotate” passwords from a preset list. With this approach, you can leave the list of passwords to your executor – or include it in your estate planning documents. When you pass away, your executor can try different passwords until they find the correct one. Some passwords, such as crypto wallet keys, remain the same forever.
Another option is to use a password manager. This is a computer program that stores all of your passwords, and you only need one “master password” to access your various accounts. Leave behind the master password in your estate planning documents, and your executor (personal representative) will have the access they need to locate your assets.
Some estate planners also use “letters of instruction” or “letters of intent.” These estate planning documents are not legally binding, and you do not need to prepare them with help from a lawyer. Essentially, they are letters that contain instructions for your executor. You could prepare a letter of instruction prior to your passing and include the necessary passwords. Of course, this strategy only works if you are expecting to pass away in the foreseeable future.
You Can Access Bank Accounts Fairly Easily
If your executor does not have the necessary passwords to access your online banking, you can meet with the bank representatives and explain your situation. Often, this involves showing the decedent’s death certificate. Bank representatives are familiar with these kinds of situations, and they can confirm that you are the legal representative of the person who passed away.
Can an Estate Planning Lawyer in Tampa Help With Digital Accounts?
If you need to handle complex issues like digital passwords during the estate planning process in Tampa, consider speaking with an estate planning lawyer. Knudsen Law has spent many years assisting people like you – and we know how to create modern, effective Wills and trusts. Schedule a consultation today to discuss the next steps.
Source:
weforum.org/stories/2024/07/popular-passwords-cybercrime-digital-safety/
