Preserving Digital Memories and Assets
By Heather Rivers, BA, CFP®, FMA, CPCA®
Manager, Financial Planning and Education,
Odlum Brown Financial Services Limited
It is increasingly common to store memories, such as digital photos, videos, messages and social media posts, online. However, without taking steps to preserve these invaluable digital memories, they could become inaccessible. Here are some recommended actions to prevent this unfortunate scenario:
Review the Legacy Settings for Your Online Accounts
To ensure that memories are handled the way you would like after your death or incapacity, take a few minutes to review and update the legacy settings for each of your online accounts. The Society of Trust and Estate Practitioners (STEP), a global professional body comprising lawyers, accountants, financial advisors and other expert practitioners in inheritance and succession planning, has created an online resource1 to help with managing the legacy settings of the most commonly held digital accounts, including Facebook, Google, Apple, LinkedIn, Twitter and Instagram. Please check with each provider in case the settings have recently changed, and remember that you may have accounts with other digital providers not listed in the STEP resource, such as Microsoft, Dropbox or Evernote.
Secure Your Digital Assets
Preserving your online information includes ensuring that any digitally stored personal identifiable information and assets are secure. The Canadian website Get Cyber Safe offers tips to keep your digital information from being compromised. It’s also a good idea to back up your devices and personal data regularly. For physical back-up devices, consider using good encryption as well as a separate, secure location apart from the main device’s location (for example, your safe deposit box). There are also online digital vaults to store your sensitive documents or photos. Just remember when setting up a physical or online vault to share the credentials with your loved ones or appoint them as your ‘attorney’ (for access while you are alive) or executor (for access following your death).
Leave Records for Your Family or Legal Representatives
In order to act effectively on your behalf if necessary, your family or legal representatives (such as your executor or attorney) will need to be aware of your digital accounts (including loyalty points, pre-loaded cards and online shopping accounts linked to your payment information). When listing your digital assets, balance the details you provide against the substantial harm that could arise if the information was used fraudulently by ensuring that passwords are not listed non-securely.
Our personal planning tool, “Getting Organized – A Proactive Guide to Preparing for Illness, Injury or Death,” includes ideas to prepare yourself, your loved ones and your legal representatives before a crisis happens, so that they can more effectively manage your financial and legal affairs. If you would like a copy of this handbook, contact us through your Odlum Brown Investment Advisor or Portfolio Manager.
1 https://memories.step.org/update-your-legacy-settings/
Odlum Brown Financial Services Limited is a wholly owned subsidiary of Odlum Brown Limited offering life insurance products, retirement, estate and financial planning exclusively to Odlum Brown clients. The information contained herein is for general information purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. Many factors unknown to Odlum Brown Limited may affect the applicability of any matter discussed herein to your particular circumstances. You should consult directly with your professional advisor before acting on any matter discussed herein. Individual situations may vary.