In the not so distant past, writing up a last will and testament was pretty straightforward and simple. Now days with the advancements in technology, online banking and investing, estate planning can be a bit more involved than it used to be. In order for your heirs to receive what you want them to, it is important to leave clear records of all of your accounts, whether they are physical or virtual.
The trend in the United States for the last five years is that more and more people are conducting their banking transactions online. This trend promises to continue as technology advances and more people seek the ease of online transactions.
If you have online bank accounts, it is a good idea to make a list of them along with your login name and password. This list can be included in your will so that your heirs will be aware of your accounts and be able to access them. Since it can be difficult to locate assets in online accounts without this information, many times these accounts are missed entirely and the heirs never receive what is in them.
Your heirs will no doubt appreciate the fact that they don’t have to spend many difficult hours attempting to track down your accounts, and you can rest assured that all of your assets will be given to those that you designate.
As the times change and evolve, the way we write up our wills must also change. For help with your own estate planning, you may wish to speak with an attorney who can help you with the process.
Source: NJ Herald, “Heirs might miss what’s in online accounts,” Holly Herman, April 18, 2013