In today's society where a large portion of the population uses online accounts for a vast array of purposes, it's important that individuals keep their online logins and passwords safe and also that this information is kept somewhere accessible for the next of kin or will executor to find on the event of the person passing away.
Caroline Wallis, Partner in Boyes Turner's Wealth Protection team offers the following advice:
"As people live more of their life online it is becoming vitally important for everyone to keep records of their online accounts and passwords to enable their Executors to deal with the closure of these accounts.
"A lot of people now bank online so it is essential to keep a record of online accounts and the access codes and passwords so that the executors can trace funds held. If the deceased had an Ebay or Paypal account then again it will be important for the Executors to have these details to close these accounts.
"Social networking and email accounts also have to be closed. Facebook, Google and Twitter all have individual procedures to enable accounts to be closed and words or images passed to the family after death. Again the Executors need to know the access details and passwords to deal with these.
"We always recommend that everyone keeps detailed and up to date records of their assets and investments but now advise also adding a list of online accounts and passwords to make life easier for those who have to deal with the online assets after death."
If you need advice on how to store your online information safely, or on any other aspect of wealth protection, please contact our wealth protection experts, click to submit an enquiry.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.