Shatz, Schwartz and Fentin Attorneys Warn of Risks of Forgotten Digital Assets

SPRINGFIELD — As more of life moves online, attorneys are seeing a growing number of families struggle to access loved ones’ digital accounts after a death or medical emergency. Research shows the average person now has dozens of online accounts, yet many people have no plan for how family members can access critical financial records, passwords, cloud storage, or digital assets when needed.

Estate planning attorneys at Shatz, Schwartz and Fentin P.C. are encouraging families to think beyond traditional assets and include digital accounts and online property as part of a comprehensive estate plan. Attorneys at the firm assist individuals, families, and business owners with strategies designed to protect both traditional and digital assets.

From online banking and cryptocurrency accounts to cloud photo storage, subscription services, and social media profiles, many people leave behind important digital assets with no instructions for how loved ones can access or manage them.

“People often focus on physical and financial assets while overlooking the fact that much of their personal and financial life now exists online,” said attorney Michael Deere, an associate at Shatz, Schwartz and Fentin. “Without proper planning, families may struggle to access important records, financial accounts, and even irreplaceable memories.”

Attorneys say the issue is becoming increasingly common as more financial, personal, and business activity moves to digital platforms. Even routine matters such as managing automatic payments or accessing insurance and utility accounts can become difficult without clear authorization.

Attorneys at the firm recommend individuals maintain an inventory of important digital accounts, securely document password access information, include digital financial assets in estate planning documents, grant legal authority for fiduciaries to manage digital property, and regularly update estate plans as accounts and technology change.

“Families are often unprepared for how complicated digital access can become after a loss,” Deere said. “Advance planning can help reduce confusion, delays, and unnecessary stress during an already difficult time.”