More and more, I find myself asking clients a new question during review meetings.
When I sit down with individuals and families to review their plans, we usually focus on the core elements first. Retirement accounts. Insurance coverage. Investment strategy. Estate documents. Those are the foundation.
But in recent years, another area keeps surfacing in conversation. Our digital lives.
So much of what we own, manage, and value now exists online. Bank and investment accounts are accessed through portals. Important documents are stored in the cloud. Photos live on phones instead of in albums. Subscriptions renew automatically. In some cases, assets exist entirely in digital form.
These accounts are real. They carry financial and personal value, or both. And they require access.
I have seen families struggle unnecessarily simply because no one knew where accounts were held or how to log in. At an already emotional time, they are left sorting through devices, passwords, and customer service departments. Sometimes accounts remain active longer than intended. Sometimes, important files are difficult to retrieve.
The purpose of digital legacy planning is not to complicate things. It is to simplify them.
At its most basic level, it means identifying the online accounts that matter, organizing them securely, and coordinating that information with your broader estate plan. It is not about sharing passwords casually or compromising security. It is about creating clarity for the person you trust to step in if needed.
Planning has always adapted to the times. Years ago, this was not part of the conversation.
Today, it should be. A comprehensive plan looks at both traditional assets and digital ones. Addressing this proactively can reduce stress for your family and help ensure your intentions are carried out smoothly. If this has not yet been part of your planning discussions, it may be worth including at your next review.
Scott Menta has helped many people make decisions through a structured planning process that focuses on meeting long-term goals. As a CERTIFIED FINANCIAL PLANNER® professional at Barnum Financial Group, Scott has published numerous articles offering insights and guidance to individuals looking to create and manage their wealth. He can be reached at smenta@barnumfg.com or 1-877-GO-SCOTT.
This article was prepared by Scott Menta and is not intended as legal, tax, accounting or financial advice. Scott Menta is a registered representative of and offers securities and investment advisory services through MML Investors Services, LLC. Member SIPC. 6 Corporate Drive, Shelton, CT 06484 The opinions provided above are not necessarily those of MML Investors Services, LLC or its affiliates.