The digital aspect of running a company today means greater access through the cloud and the ability to set up and run your business how you want. However, your life and business are intricately woven into the digital world today, which means that so much of your business activity takes place online, but your digital estate may easily be overlooked in your planning process.
Any small business owner should set aside time to look at this critical aspect of estate planning. For example, consider how many passwords you hold. These may be stored in a master password place, such as LastPass or 1Password. But passwords are the keys to your digital business kingdom, and many small business owners fail to keep track of these or provide a backup access information to someone else in the event of a sudden incapacitating event or their death.
A comprehensive list of all of your online accounts along with passwords should be secured somewhere where an appointed individual can access it. You may also need to consider granting access to fiduciaries like trustees or executors. These individuals may need to access your digital accounts such as authentication methods, passwords and usernames. You will also want to document your wishes regarding the management of any online assets to your designated fiduciaries. You may want them destroyed, transferred or preserved. Even small things that may not be necessarily part of your business but could have substantial impacts on the remembrance of your legacy, such as stored iPhoto cloud backups could be important for your loved ones to maintain access to.
If you’re not sure where to start with your estate plan as an individual or business owner, outside counsel can assist and make this process easier. Make sure to consult with a Pasadena estate planning lawyer to determine better ways to protect your personal and professional assets and estate planning.
