The Age of Cyber Estates

Our everyday lives are becoming more and more dependant on the internet and it’s fair to say that the Cyber age has well and truly begun to take over. We now have online and mobile banking, contactless cards and the good old pen and paper seems to be rapidly becoming a thing of the past!

We have passwords for this and online accounts for that, all linked to various email addresses and the like. We are all encouraged not to have two passwords the same or not to set up accounts with similar log in details for personal security.  We are also encouraged not to make our passwords too obvious, like our children’s  names or our date of birth for similar reasons, meaning they can become obscure and meaningless.

Whilst this is clearly good advice for protecting yourself against fraud and other cyber crime, the problem could be that, should you pass away unexpectedly, would anyone know how to gain access to your accounts, or even where to start in terms of finding out crucial estate information? With the ever growing trend of our lives becoming ‘paperless’ would your loved ones even know which banks, building societies or investment companies to contact in the event of your death?

It may be wise to keep a log of personal details such as who you bank with, who your investments are managed by or who you have any outstanding loans with, as well as up to date information on practical things like who provides your gas and electricity or your TV package and then keep that log in a safe place, either with a copy of your Will, at home, or with your solicitors. That way, although your family would not have access to personal security information such as PIN numbers or passwords, they would at least have a starting point on who to contact should the worst happen.

For further advice with regards to managing your affairs, you Will or your estate contact one of our experienced solicitors on 01270 625478