Saving Passwords in Your Will: New Gifts for Posterity? - New York Estate Planning News

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Saving Passwords in Your Will: New Gifts for Posterity?

Times have truly changed as we can now pass along digital things we collect in clouds and pass them on to our loved ones. But without passwords to access the digital content we accumulate, our treasured intangible possessions may be lost forever.

Saving passwords in your will is now almost as important as saving bank account numbers and retirement account information, reports The Next Web.

Just a few years ago, people spent money amassing collections of coins, baseball cards, and other tangible objects. Frequently, heirs received some stamp collection that held a surprising amount of monetary or sentimental value.

Today, more and more people are spending their money collecting digital things like music, movies, and other content. These things are no less important to the new generation than a Mickey Mantle baseball card may have been to a New Yorker who grew up in the 1950s.

To ensure that your prized digital collections do not disappear when you do, those doing their estate planning should be sure to include their passwords for services like iTunes and Facebook in their wills, reports The Next Web.

According to a survey in Britain, more than half of respondents reported that they had "treasured possessions" in digital form. These numbers are likely reflected in American attitudes as well.

As we accumulate more and more intangible property, it is important for people to consider who they want to leave their digital content. Saving passwords in your will is a smart way to ensure that your loved ones enjoy all the things that you did.

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