Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

The importance of passwords in estate planning

Spouses in Florida should make sure that they have a thorough understanding of the family finances and access to one another's passwords in case one of them dies. This can be particularly important for women, who are more likely to be widowed and less likely to handle the financial issues in a marriage.

Even people who have the important documents in place, such as wills and powers of attorney, may be caught up short by other elements they are unaware of. For example, some people do not realize that beneficiary designations for retirement accounts, life insurance policies and similar accounts override instructions in a will or a trust and do not keep this information updated. If one spouse has always handled things from household repairs to taxes, the other spouse may find it difficult to access this information when it is most needed. One woman found she had no way to access her husband's multiple devices after his death. This included several tablets, phones and hard drives. It took more than a year for IT professionals to get into the tablets and phones.

While security professionals often advise against writing down passwords, some people accept this risk because a written list can make it easier for loved ones to access these accounts. This can be a backup to a digital password manager.

One important aspect of ensuring that family members can access these accounts is reviewing website terms of service. Some do not permit this access even if a user shares passwords with others. State laws also address what kind of access to digital assets is permitted. Good communication with loved ones about both digital and other assets and a person's wishes for what will happen to those assets may help ensure that there is less confusion and conflict.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions