Planning for Your Virtual (Digital) Assets
Have you ever broken all the rules and written down your login credentials for your various accounts? I’m talking about the keys to the kingdom here: name of institution, account number, user ID and password? They tell us not to do this but boy, I have a hard enough time remembering my login information for the company network, let alone about 40 other sets of such data!
But why am I complaining – it’s easy, right? Take it from our own IT guru, Jim Bourke:
When selecting a password, please select passwords that are complex, but still easy for YOU to remember without the need to store the password.
For example….
JJebk?311198b
How do I remember this?
JJ – Represents my first initial and that of my wife
ebk – First initials for my children. They are in lower case because they are my children!
? – Because we are still asking ourselves why we decided to have 3 kids
311 – Because it is Mickey Mantle’s rookie card and the only Topps baseball card that I do not own
198b – Because I started at WSB in 1986 but I changed the “6” to a “b” just to make it a little more complex
The above password is not a super complex password, but it is a password that is more secure than one which you would otherwise create. On another note, it is not my password, but it is one that only I could easily remember!
Really? Maybe the password itself is not super complex, but the algorithm for getting there – oy, why can’t I just use my home phone number as a password?
All kidding aside, data protection is critical. People pay good money to find ways to protect their data from hackers yet the hackers always still seem to be one step ahead of us. Sometimes, without thinking, we expose ourselves when using unprotected wireless networks to interface with what should be secure data. On the other end of the spectrum, widespread data breaches in the corporate and government sector make us worry about not if, but when our identities are stolen and how we will cope. And, none of it shows any sign of letting up.
But, let’s bring it down to a personal level – what if something did happen to you? Identity theft and other shenanigans aside, how would your family deal with numerous financial accounts, bill paying services, and the other conveniences of the modern digital life? And then there is the seemingly frivolous, but really not so frivolous side of all of this – social media accounts, photo sharing services and e-mail.
Granted, there’s always “an app for that” but, if you use one of these software solutions to store your login credentials, be certain that the data is truly secure – you do not want to unwittingly give access to just any virtual provider who comes along. Of course, keeping a written list is discouraged (don’t write it down!) because physical lists often get into the wrong hands. However, if you decide to break this cardinal rule, be sure to keep the list under lock and key or in the hands of a VERY trusted advisor. Whatever system you use, be sure to update for changes on a regular basis.
Ironically, much of this comes down to mere convenience. You should, of course, have up-to-date wills, powers of attorney, health care proxies and living wills which, while authoritative, are not necessarily convenient. Having the bank account password may make your family’s life easier if something were to happen to you, but the appropriate documents will enable them to eventually and legally gain full access.
Not so much with social media – the laws are a bit murkier here and providers are erring on the side of personal privacy, which makes it difficult if not impossible to gain access to someone’s Facebook or Google account, even after death. It’s ironic, but if you want your family to be able to access these accounts, you may have to break the rule yet again and share your credentials with them.
Welcome to the 21st century! The existence of such digital assets adds yet another wrinkle that bears discussion with competent counsel when engaging in estate and contingency planning.
