Modern estate plans should include an “ePlan” to manage online accounts and online data. There are four specific steps to creating an effective ePlan. These include compiling a list of each account along with an explanation of how each is used; developing a plan for storing electronic information; naming an executor to manage the accounts; and providing appropriate direction to your executor.

1. Compile a List of Accounts and How to Access Them

The first part of an effective ePlan is to gather information and to compile a list of your accounts together with information about the accounts. Your list should specify the username, password account number and a description of what is included in each account. Because passwords frequently change, you should be sure to keep this list up to date.

There are four major types of online accounts: personal, financial, business and social media. Examples of personal accounts include email accounts and those used in conjunction with photos, videos, music and apps for smartphones or tablets. The information associated with these accounts is typically backed up on a computer hard drive, a backup drive or cloud account.

Financial accounts might include savings and checking accounts, retirement accounts, utility accounts, and accounts related to travel and shopping. Increasingly, people are using electronic devices to bank online, including linking accounts for automatic payments, to manage retirement and investment accounts, and to shop online at sites such as Amazon, eBay, airlines and other companies. Online financial accounts also allow for the management of digital currency such as Bitcoin. In many cases, the estate executor will need the account holder’s username, password and account number to identify and access any online financial accounts and to ensure that they can be left to family.

Business related accounts could include intellectual property that is part of a website or blog, including written work, photos, videos and musical compositions and software. If you own business assets like these, be sure to discuss these specific assets with your attorney.

Examples of social media accounts are Facebook, Twitter and LinkedIn. These accounts may be valuable because they contain photos and comments that should be passed on to family. A good ePlan will instruct the executor how to dispose of these assets, such as whether the executor should copy the data from these accounts to share with family and whether to wind down and close these accounts. Social media companies have specific procedures for closing accounts of decedents.

2. Store and Protect Your Information

The second part of an effective ePlan is the development of a plan for storing information. This will involve saving the list that you compiled as well as backing up important data files and account information.

Because an ePlan account list contains sensitive information such as usernames and passwords, it is essential to maintain the security and confidentiality of this list. There are three basic options for securing an ePlan account list. First, this list could be handwritten and stored in a safe place. Second, it could be in electronic format such as a spreadsheet saved to a thumb drive. Extra security measures can be taken to password protect or encrypt the file or drive. Third, there are programs that manage, save and encrypt passwords. These programs allow people to connect multiple devices to a password management program and the program will keep the passwords up to date on each device. If you password protect a file, encrypt a drive or use a password management program, be sure to provide your executor or a loved one with the file password or encryption key or with access to one of your devices so your executor can access the password program.

For purposes of security, and in order to keep the list up to date, maintain a single list. Avoid saving the list on a computer in case of data loss or a data breach. Do not include this list in a will or living trust; these documents may become public. Save the list in a secure location such as in a locked, fireproof home safe or safety deposit box. Some states require that a safety deposit box cannot be opened after the owner passes away without the approval of the probate court. Ask your attorney if you live in one of these states. If you do, consider storing your list in a home safe.

There are several options for maintaining a backup of important electronic information such as pictures, videos, music and archived email. You can back up this information on your personal computer, in a cloud account or on an external backup drive, thumb drive or DVD, which can then be stored in a home safe or safety deposit box.

3. Select Your Digital Executor

After compiling a list and selecting a storage method, the third part of an ePlan will be the selection of a digital executor. Many states have passed laws that give access to online accounts to the executor of an estate. In some cases, however, state law may limit access if the executor does not have the password or an estate plan does not clearly grant powers to the executor to access these accounts. Accordingly, your estate plan should be explicit in the granting of authority with respect to online accounts, and the ePlan should provide the necessary passwords to the executor. Institutions that provide online account access may give the executor access upon a showing of appropriate authorization in the estate plan or, in some cases, may require an order from the probate court. For some accounts such as Bitcoin, the executor will need the password to access the account.

4. Provide Your Executor with "Digital Directions"

The fourth and final part of an ePlan includes a letter of instruction to the digital executor. This letter will tell the executor how to manage your online accounts and digital assets. It may also provide recommendations for the distribution of various accounts, assets, files and information to family. Information in personal accounts, such as photos and videos, can easily be duplicated. Accordingly, the letter may instruct the executor to produce copies of those files to share broadly with family. Assets in any financial accounts will be transferred to your chosen heirs according to your will, trust or beneficiary designation form, after which the financial institutions will close your accounts. A letter can also tell the executor how to manage social media accounts. Options for dealing with social media accounts include transferring account management to a loved one so that the account can remain active and serve as a memorial to the original account holder, or the account can simply be closed down.

Account Specific Information

Google, Facebook, Twitter, Apple and other companies have adopted policies to address the situation when an account holder has passed away. These policies may allow an account holder to designate a “Legacy Contact” to manage the account; require specific documentation before a deceased person’s account can be closed, such as a copy of a death certificate, court order, notarized letter or obituary; or automatically close an account after an extended period of inactivity, such as three to twelve months. These policies are subject to change, so a digital executor should familiarize themselves with the policies of each account provider and may need to act quickly to preserve important and sentimental information for family and loved ones.

Protect Your Digital Assets

Digital estate planning is a new and rapidly changing field. By incorporating an ePlan into your estate plan, you can ensure that your executor will take the right steps to preserve and protect these accounts and that valuable and sentimental data can be passed on to family and loved ones.

1. IRA Charitable Rollover — The IRS refers to the IRA charitable rollover as a qualified charitable distribution (QCD). An individual over age 70½ is permitted to make a direct transfer from his or her IRA custodian to a qualified charity. The transfer is not included in taxable income. If the IRA owner is over age 73, the distribution may fulfill part or all of the IRA owner’s required minimum distribution (RMD).

Since many individuals have invested their IRAs in stocks, bonds or other securities, it may be necessary for the IRA custodian to exchange the IRA stock or bond account for a money market fund prior to the distribution. Most IRA custodians require a QCD to be paid from a money market account or similar fund. With equities markets at high levels, some individuals may choose to transfer funds from equities to a money market fund early in the year to prepare for their IRA charitable rollover. Talk with your IRA custodian to determine the next steps to make a QCD.

There are some limits for the IRA charitable rollover. The IRA owner must be at least age 70½ and the maximum transfer in 2025 is $108,000. The transfer must be to a qualified exempt charity and may be for a designated purpose or a field of interest fund. Transfers to donor advised funds or supporting organizations are not permitted. In addition, transfers may not be for a charity dinner or other event that involves a partial benefit to the donor. The entire QCD must be for a qualified charitable purpose.

2. Gifts of Cash — In 2025, individuals who itemize deductions may deduct charitable gifts of cash up to 60% of their contribution base, which is usually their adjusted gross income (AGI). While the 60% limit is substantial, some generous individuals give more and may carry forward the excess gift amounts and deduct them over the following five years. Some donors “bunch” their charitable gifts, meaning they itemize one year with the larger gifts and take the standard deduction the next year.

3. Gifts of Stock or Land — With substantial increases in value for both equities and real property, many donors find that a gift of appreciated property is attractive. A gift of appreciated stock or land provides two benefits for the donor. First, the donor may receive a charitable income tax deduction for the fair market value of the stock or land. Second, because the charity is tax-exempt, the donor can bypass tax on the capital gain. If a donor purchased stock eight years ago for $10 per share and it is now worth $50 per share, the donor would pay capital gains tax on $40 if he or she sold the stock. However, by giving the stock to charity, the donor may receive a charitable income tax deduction for the $50 in value and bypass the tax on the $40 of potential gain. Since the donor is receiving both the deduction and capital gain bypass benefits, this type of gift is permitted up to 30% of the donor’s AGI. Once again, if the gift value is over this limit, it may be carried forward for five years. For example, Mary has adjusted gross income of $100,000 this year and makes a gift of appreciated stock with fair market value of $40,000. She can deduct $30,000 this year and carry forward the remaining $10,000 charitable income tax deduction to the next year.

Editor’s Note: The first month of a year is a good time to make plans. In January, donors may wish to consider their options for charitable gifts in 2025.

I have heard that people with heart problems need to be extra cautious during the winter because heart attacks are much more common during that time. What can you tell me about this?

Winter is not only cold and flu season, but also the peak time for heart attacks. Individuals with pre-existing heart conditions or those with a history of heart attacks are particularly susceptible. Here is what you should know along with some tips to help you protect yourself.

In the U.S., the risk of experiencing a heart attack during the winter months is double than what it is during the summertime. The increase is influenced by a number of factors, and they are not all linked to cold weather. Even people who live in warm climates have an increased risk. Here are the areas you need to pay extra attention to this winter.

Cold temperatures: When a person gets cold, the body responds by constricting the blood vessels to help the body maintain heat. This causes blood pressure to rise and makes the heart work harder. Cold temperatures can also increase levels of certain proteins that can thicken the blood and increase the risk for blood clots. To stay warm this winter, bundle up in layers, including gloves and a hat, and use a scarf over your mouth and nose to warm up the air before you breathe in.

Snow shoveling: Studies have shown that heart attack rates jump dramatically in the first few days after a major snowstorm, usually as a result of snow shoveling. Shoveling snow is a very strenuous activity that raises blood pressure and stresses the heart. Combine those factors with cold temperatures and the risks for heart attack surges. If your sidewalk or driveway needs shoveling this winter, hire a professional or someone from the neighborhood to do it for you. Snow blowers are also a great alternative. However, if you must shovel, push rather than lift the snow as much as possible, stay warm and take frequent breaks.

New Year’s resolutions: Every January 1, millions of people join gyms or start exercise programs as part of their New Year’s resolution to get in shape, and many overexert themselves too soon. If you are starting a new exercise program this winter, take the time to talk to your doctor about what types and how much exercise may be appropriate for you.

Winter weight gain: During the holiday season and winter months, it is common to indulge in food and drinks, which can put extra strain on the heart, especially for someone with a heart condition. Keep a watchful eye on your diet this winter and moderate any intake of high-fat foods and alcohol.

Shorter days: Less daylight in the winter months can cause many people to develop “seasonal affective disorder” (SAD), a wintertime depression that can stress the heart. Studies have also looked at heart attack patients and found they usually have lower levels of vitamin D (which comes from sunlight) than people with healthy hearts. To boost your vitamin D this winter, talk to your healthcare practitioner to see if taking a supplement that contains between 1,000 and 2,000 international units (IU) per day is right for you.

Flu season: Studies show that people who get flu shots have a lower heart attack risk. It is known that the inflammatory reaction set off by a flu infection can increase blood clotting which can lead to heart attacks in vulnerable people. Talk to your healthcare provider about getting a flu shot, a COVID-19 booster or vaccines for RSV and pneumococcal pneumonia to help protect your health this winter.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Senior” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.