By Neil H. Maxwell

From bank accounts to bills to social media to email, many of us manage important assets online. Passwords that protect the privacy and security of these assets can also create formidable barriers to settling a person’s estate. 

So a critical component of any estate plan is access to the passwords for online accounts.  Although many estate owners and their representatives realize this, not as many have taken practical steps to document, maintain and properly share password information.

Here are some steps to consider when with respect to password documentation.

• It’s a good idea to have one comprehensive list of up-to-date passwords to all online accounts, keep that list in a safe place and make sure the right individuals know where and how to access that list. 
• It’s best to avoid hard copy notebooks, which can be lost or stolen, or insecure online locations, which can be hacked. 
• It’s also good to limit the distribution of that list as much as possible. 
• Since owners of online accounts are encouraged to periodically change their passwords, estate owners need to remember to keep their representatives informed about password changes. 
• If you are involved in cryptocurrency, such as Bitcoin or Litecoin, and use digital codes or passphrases to access digital assets, remember to document those safely and securely.
• It may be helpful to set dates on a calendar as checkpoints to make sure password information is indeed up to date and accessible to those who may need it.

Having access to passwords can save heirs and representatives a lot of time, hassle and attorney’s fees in settling estates. So it’s important to plan ahead on this critical piece of the estate planning process.

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Neil H. Maxwell, a lawyer in the Salem office of Harrington, Hoppe & Mitchell, focuses on estate planning and probate law. He can be reached at (330) 337-6586 or at nmaxwell@hhmlaw.com.