In the wake of the news of Gerald Cotten's death and the subsequent loss of upwards of $200 million in cryptocurrency in Quadriga, I was reminded of my own mortality and leaving behind access to important assets for my loved ones. I do not run a cryptocurrency exchange or other major business. I do have some income from freelance work, writing and training.
I considered the actions to take from the same vein as Kyle Bubp's presentation, "Death, Dealing, and Digital Forensics." This specific presentation is about his struggles getting his father's affairs in order after he passed away from an estate planning and digital forensics perspective. As of now, I will not be taking the keys to a cryptocurrency exchange to the grave (subject to change).
I asked myself a few very important questions. What actions should one take to prepare? What do I have that is important or may be important for my loved ones after I am gone? How do I secure this data and limit access?
Before I get to the actions to take, I want to point out that somewhere safe to assemble these artifacts is essential. I recommend a safe deposit box at a bank or similar vault. It may also be worth utilizing encrypted cloud container or service as a secondary means of storage.
Starting with what is important or may be important for my loved ones after I am gone. What accounts may they need access to? Banking, 401(k), loans, email, social media and bills. Since I am already security conscious. I use a password manager. A simple method of accomplishing this would be to print the emergency kit or similar document for the password manager. It may also be worthwhile to save the file on a USB thumb drive. This paper would go into the folder or binder and the USB drive would go into an envelope.
Another important aspect of this step is to make sure that those that will be settling the estate are of aware of how to use the password manager. It is also important to ensure that the password manager remains paid for until they can settle the estate. If the people that are being designated to settle the estate are technology illiterate, it may be best to consider appointing someone else or putting verbiage in writing for them to give to a consultant. It may also be worthwhile to have one or more preloaded credit cards in the safe to cover such costs. If those being appointed are technology literate, train them to use the password manager and any web interfaces so they are familiar. It may be a nice gesture to pay for a subscription to the same one for them so they can be comfortable (and secure).
Independently of the password manager (which some can store banking information), I recommend printing at least one statement annually for each account and also maintaining a working document in both print and on the USB drive that includes account numbers, contact information and points of contact. This should also include your computer login password and phone passcodes or swipe patterns. While these things can be stored in a password manager, it may be more simple to have them on paper for those to settle the estate.
With some social media platforms, you can designate a legacy contact. They will notify the platform of your death and be granted access to some aspects of your account. When I was doing this for a relative, I had to provide a link to an obituary, which could be used in malice, but most people avoid crossing that line. For platforms that do not have this feature, decisions need to be made. Decisions include what to post to notify your connections and what to do (if anything) to the account. Include these passwords in your password manager.
Finally, access to the box and storage must be controlled. When setting up the box, require that a death certificate or power of attorney alongside a valid form of photo identification be supplied to the institution to gain access. Set a list of authorized parties that are able to access it. Another important consideration is ensuring that the institution is effectively communicated to all parties. If the key is in your possession, find a way to list the institution with or on the key. In determining ways to accomplish this, consider that it will potentially need to withstand fire, flooding or other disasters. Take the guesswork out of the process for those being left behind.
From the perspective of business, unless you are self-employed, do not mix personal and business. You could potentially create hardships for both the employer and the loved ones, as well as potential compliance and legal headaches for both. Work with your executive leadership, legal, and your information security teams to establish such a policy for your role in your organization. Set up a separate Digital Estate for work and leave that at work.
In conclusion, no one wants to think about what happens when they pass away. For some people, it is taboo and for others, it is morbid. Others do not want to confront their own mortality. When a loved one passes away, it is pandemonium for those working to settle the estate. A final will and testament can address possessions and inheritances, but often neglects the digital side of our lives. The steps mentioned in this article are not exhaustive, but rather a means of setting an initial framework and meant to stimulate the thought of what would I do if this were a loved one of mine or if I were planning for my loved ones to settle my estate.
