Julie Jargon writes in the WSJ this week about five important tech topics for older adults. Among the top five list: password protection.
When discussing important or valuable digital assets, people often think of cryptocurrency and NFTs. But you cannot access them without passwords, passphrases, challenge questions, or other keys. Our passwords are gatekeepers for accessing our bank accounts, retirement accounts, brokerage accounts, and more. They also unlock private data and digital assets on our computers, phones, and other electronic devices.
We can protect them with good password hygiene, password managers, physical security keys, back-ups, and more–we previously highlighted articles in PC Mag and the NY Times that discuss some of the strategies being used today. However, these strategies might not always be legally permissible, making it difficult for our loved ones to access our digital assets after we pass away. When making a plan, consult with professional fiduciaries that understand how to protect digital assets today and how to ensure access and proper legal authority to transfer digital assets once we are gone.