Landrum & Shouse LLP
Lexington 859-554-4038
Louisville 502-589-7616
Toll Free 888-322-2505
Facebook Twitter Linked In
This is an advertisement
Site Menu
Landrum & Shouse LLP
Our Blog

Protecting passwords and other sensitive information

Think about all of the things that you do online on a daily basis. If you are like most people, you have social media accounts, emails and online financial accounts. These certainly make life a lot easier to live. The issue is that when you pass away, your loved ones might not be able to access this information. Here are some important points to consider when you are ready to pass this information on.

One of the most convenient places to keep a copy of important passwords and other similar information is in a safe in your home. This is a low-tech solution to the issue of passing this information along. However, it is one of the best places since your loved ones will be able to access the information without having to jump through hoops.

Many people think that they should place documents like their wills in safe deposit boxes at a bank. In theory, this is a good idea. In practice, it isn't, because there is a chance that the bank will require that the probate process be over before the safe deposit box can be accessed. This might make it impossible to review a will or other documents that you need to handle probate.

Another idea that some people use is that they keep their passwords in one online location. The password to access that password is split in half. One half is given to a lawyer and the other half is given to their spouse. A second lawyer also gets the same half as the spouse. This means that the first lawyer and either the spouse or second lawyer have to get together to access the file with the passwords.

Ultimately, you have to decide what option best suits your needs. This can be a difficult decision, but it is one that is best made now rather than later.

Source: FindLaw, "Estate Planning -- Keep Track of Passwords, Access Keys and PINs," accessed Sep. 15, 2017

FindLaw Network