Your Digital Inheritance? 370
eldavojohn writes "I wrote a journal entry musing on the idea of passing on accounts and digitally stored information from generation to generation. Has anyone done this or inherited anything? Does anyone else plan to do this? Is there a slip of paper in your deposit box at the bank with websites, account names and passwords?"
Googled after you die... (Score:2, Informative)
After six years, it has a lot of content. Content that I don't want to go away just because I die and fail to sign onto my account. I plan on including the account name and password in my will, so that my decendants can maintain the account.
It makes me smile to think that people may be able to google my life's blog after I die. I'm sure that 90% of those people will roll their eyes and think "Ughh. Not another stale blog." But still...
Re:If this becomes common... (Score:2, Informative)
Hell, there probably already are. It can actually be a real pain to leave something non-tangible to somebody after your death. A car is easily transferred, but a membership or subscription often isn't.
Example: my wife's grandmother had like 10 or 11 months left on her Dish Network subsciption. My father-in-law should theoretically have inherited it (he's the one who takes care of everything not specifically mentioned in the will). However, he was informed that Dish's policy is that they would not add that 11 months to his membership...the only way they'd pass it on is if it went to a new subscriber. In other words, they weren't willing to pass along the time remaining on a pre-paid contract unless it would gain them something (another customer)...otherwise that money (hundreds of dollars) was flushed down the toilet.
The lesson: don't assume that pre-paid memberships can be passed along in the event of your death. Also, when you're chances of dying at any given time are significant, go monthly.
how to archive/preserve: tips (Score:3, Informative)
Lawyers who prepare wills are loathe to touch copyright issues in your will (especially when the financial value is hypothetical). That requires getting a copyright attorney. The best thing to do is appoint a dependable/knowledgable executor or trustee (see below).
My suggestions:
1)sign a durable power of attorney to a close friend or family member. That gives them access to bank acccounts and web acccounts. (I don't think executors can do this without a court order). Usually you can download a form from the net for free.
2)Emphasize to executors and family members about the first thing they need to do when you die: FIND OUT WHO ARE THE WEBHOSTS AND ENSURE THOSE THINGS CONTINUE TO BE PAID. Nongeeky people are clueless about this. (also, it might be good checking into webhost policies for handling nonpayment of webhosting).
3)A yearly zip file consisting of contact information of friends, account info, and passwords would be a good idea. I'll leave it to slashdotters to figure out how to safeguard this.
4)I'm a writer/content producer and I created a testamentary trust for someone living after me to archive my creative content. That said, unless you pay lots of legal fees to draw up something more elaborate, it's hard to depend on your executor or trustee to handle the archiving duties well. The best way to ensure that "sensitive information" doesn't get tossed aside or shared inappropriately is to bequeath your computer equipment to someone with the discretion and technical proficiency to know what needs to be done.
5)I should reiterate the necessity of making a good list of people to contact after your death. My siblings and parents have absolutely no idea who needs to be contacted. Some of these contacts would be in a better position to know what to do and what kinds of online content you have.
6)obviously media backups are a good idea.
A current topic for me (Score:5, Informative)
My parents had established trusts which vastly simplified handling of the estate. I had transfered his memorial society membership and pre-selected a cremation facility so when he died, we just had to make one phone call and transport, cremation, death-certificates, etc. were all handled.
Still, the whole death thing has been a learning experience.
When things have been done correctly, handling things is a breeze. The house and larger accounts were in the trust and we were properly named as successor trustees on the accounts. Disbursing them was simply a matter of providing a death-certificate, disbursal instructions and a couple signatures.
When the Ts aren't crossed and Is not dotted, things are more of a problem. My father had a small checking account on which he forgot to list beneficiaries. Although it amounts to less than 0.1% of the estate it was more work to deal with than the large accounts.
Email and electronic access presents an interesting problem. Just try to close a paypal account when you don't have access to the email of the deceased. Fortunately, I had my dad's laptop (and he was using my email server to handle his mail) so I was able to "forget" the password and ultimately to cancel the account. It also allowed me to unsubscribe from his mailing lists and made it easier to transfer control of various web accounts.
Check caching is a pain, too. Turn in your FastTrak transponder, cancel the landline, insurance, cell service, internet service, etc., and submit final insurance claims. Suddenly you will get a bunch of checks made out to the dead person. When you notify financial institutions that a person has died they freeze the accounts and cashing checks made out to the deceased is an exercise in paperwork. You also have to track down things that are on autopay. Then when you cancel them you may ultimately find money appearing in accounts that you thought you had closed. While not "legal", I was told by an attorney that things are a lot easier if at least one financial institution doesn't know the person is dead. Tell them only after you have deposited all the checks.
My advice....
If you care for your loved ones, take a moment in the next couple days to make a list of all of your accounts. Then verify the beneficiary information on all of them.
Make funeral arrangements. In our family this was easy since none of us are into forking over cash to the "death mafia" and so have opted for the least expensive cremation available through the local memorial society. When my neighbor died (expectedly at 90+), her son suddenly realized that he didn't know what to do next so he called the fire department. It's nice to have things pre-arranged so you aren't stuck thinking, "now what am I supposed to do" at an already difficult time. It also makes you less vulnerable to fast-talking funeral arrangers.
If you have assets in excess of $100,000 (in California, anyway), establish a trust. And assets != net worth. You may owe $599,000 on your $600,000 house but the asset still exceeds $100,000 and your loved ones will have to slog through probate which is a royal pain involving $$$, lawyers, courts and time. It's also all open to the public. With a properly drawn trust your successors may not need a lawyer at all and your business will stay private. (We have an attorney for the occasional question but have handled nearly all the estate ourselves.)
Given the overwhelming amount of time required just to deal with a house and two lifetimes of collected stuff, I'm extremely thankful that we aren't dealing with probate, too.
I've seen this happen. (Score:3, Informative)