Estate Planning is More Than Taxes

By Janet Hagy, CPA-Austin

 

Executors and family members are finding that access to the disabled person’s or decedent’s electronic information on the web, computers and smartphones can be hard or impossible to obtain. Credentials needed to login are not available or are out of date. Third-party authentication may be sent to a locked smartphone or computer, thereby preventing access even if the credentials are valid.

 

We can do a great service to our clients by annually reminding them to record electronic credentials in a safe and secure manner for retrieval in the event of their death or incapacity. There are software applications that can automatically store electronic credentials. Or it could be written down and locked in a vault. The challenge is to update this information as it changes.

 

iPhones have a legacy contact option under Passwords & Security that allows the Apple ID holder to designate a person who is allowed to contact Apple for iPhone credentials if the holder dies. A code is provided that can be printed and stored with other estate documents. For security, in addition to this code, Apple requires proof of death and verification of the designee. Without enabling the legacy designee option, access to the phone and cloud content could be lost forever. 

 

Remind clients that it is not just financial information. Years’ worth of memories may also be stored electronically. Lead by example and record your own credentials now.