Rossmoor Computer Club

Computer Club Looks at Protecting Residents’ Digital Estate

   Before the introduction of computers, personal assets were easily identified as real property, money, stocks, bonds, mutual funds, autos, etc. Now, however, there are assets in the cyberworld worth considering.

   These are identified as the digital estate and could be assets of considerable value both in both monetary and sentimental terms.

   What are they? How about online financial accounts with banks, brokerage accounts and PayPal balances, just to name a few. Some residents hold airline miles. Others pay some bills online. Accessing these via the Internet could be important.

   There may be websites or blogs owned and operated by the deceased. What about digital photo albums, e-mail accounts and some social media accounts? The ability to access these could be valuable depending on the content.

   The same applies to a collection of e-books. Downloaded digital music and movies fall into the same category. What about prepaid apps? Does the family know they exist? Suppose the family is not aware or can’t access a book being written?

   The point is this. Rossmoor has an abundant supply of talented people in all disciplines. There is likely to be value in the computers. If there is a question about accessing this information, now is the time to get the answer.

   Unless the assets in a digital estate are identified, the heirs may miss them completely.  Further, passwords must be made available to the executor of the estate.

   Then there is the matter of how different companies might deal with access availability.  The law seems to have not fully dealt with clear access to the assets in a digital estate. Here is an example.

   Yahoo refused to grant full access to the e-mails of the family of a Marine killed in Iraq until the family got a probate judge to grand access. The soldier had intended to use the e-mails to complete a scrapbook of wartime experiences and the family wanted to complete the project in his honor.

   In an article written by Naomi “R. Cahn, Professor of Law at The George Washington University Law School, Professor Cahn suggests contacting all financial institutions holding any money, stocks, bonds, etc. and finding out whether a power of attorney will be honored so the executor can access an account.

   What’s required, too, is up-to-date record keeping. Here are some suggestions. Place all the information relative to the estate in a safe-deposit box. Let the executor of the estate know where the key is located. Then give this same person a copy of that information.

   There is an abundance of information on the Internet on this subject. The club recommends reading it. A final suggestion is to prepare a personal financial statement divided between personal assets and investment assets and keep it current. Do it quarterly, placing a copy in the safe-deposit box and giving another copy to the executor.

   Thanks to volunteer Gloria Crabbe for bringing this matter to the club’s attention by providing a copy of the January issue of Bottom Line.