Technology and Estate Planning |

Estate planning most often focuses on assets and heirs. While these are understandable for attorneys and clients, leaving out a vast array of technological features of both personal and professional estate planning is a mistake with headaches for those left to navigate tech assets.

Even small businesses today use not only office computers but an array of web only accounts with usernames and passwords critical to their access. It is necessary then to include in estate planning documents a list of the array of such accounts and access credentials.

In my office alone, I rely on many different tools to store and secure client files, client communication, bookkeeping, faxes, etc. Each of those services have difference passwords (as you should never use the same password for any two logon credentials). In the event someone else was attempting to access those items without those credentials, many of those services contain contract clauses prohibiting it. For obvious security reasons, many cloud based services warn users that if they lose their passwords, the service cannot recover them. The data, perhaps data vital to running a small business, or making it valuable for sale, is gone. This one lapse in estate planning could doom an otherwise carefully mapped out succession plan.

Facebook and twitter are obvious marketing platforms for businesses that need attention in any estate planning. In addition to those tools, a full and regularly updated inventory of technology services used by the business is critical.

Although most often an afterthought, many of us keep vital information within our personal Facebook and twitter accounts as well as personal laptops, etc. These personal platforms can also hold information about assets that are not apparent from the business assets alone.

I handled a case years ago where the only evidence of a significant investment account was found on the investor?s home computer. So, ignore personal computer assets at your peril. In both estate planning and the management of issues when those estate plans are triggered full knowledge of the personal technology assets involved is also important.

Feel free to contact my office about these or any other legal issues.

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Source: http://bolandlegal.com/site/technology-and-estate-planning

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