Complete Guide to Digital Asset Planning for Decherd Residents
Digital assets are an increasingly important part of modern estate planning. Whether you maintain online financial accounts, cryptocurrency holdings, social media profiles, or cloud-stored documents, a thoughtful plan ensures those assets are handled according to your wishes. In Decherd and Franklin County, families benefit from planning that addresses access, distribution, and ongoing management of digital property. This overview explains what digital asset planning involves, why it matters for households in our community, and how documents like digital asset addenda or access instructions can be integrated into a broader estate plan to reduce confusion and protect continuity for heirs and fiduciaries.
Many people do not realize that digital accounts and electronic records can become difficult to access after incapacity or death without clear directions and appropriate legal authority. A good digital asset plan helps appointed representatives locate accounts, understand login requirements, and lawfully manage or transfer assets as permitted. For those in Decherd and surrounding areas, incorporating digital considerations into wills, powers of attorney, and trust instruments provides a smoother transition and less stress for family members. Planning ahead also limits the risk of losing valuable information, financial value, or sentimental content stored online or in digital formats.
Why Digital Asset Planning Matters and What It Can Provide
Planning for digital assets offers clear practical benefits that extend beyond simple record keeping. It provides legal authority for designated agents to manage online accounts, reduces the time and expense families spend trying to resolve access issues, and helps ensure digital property is distributed in line with personal wishes. This kind of planning can preserve financial value contained in cryptocurrency or online accounts, protect personal information from unauthorized access, and enable trusted individuals to deactivate or memorialize social media profiles. For Decherd residents, a considered approach to digital assets supports continuity and peace of mind during difficult transitions.
About Jay Johnson Law Firm and Our Approach to Digital Asset Planning
Jay Johnson Law Firm assists Tennessee clients with practical estate planning and probate services, including modern considerations such as digital asset planning. Our team focuses on clear, actionable documents that fit local laws and the needs of families in Decherd, Franklin County, and beyond. We prioritize listening to client goals, creating durable plans that address account access, and coordinating documents like wills and powers of attorney so digital directions align with broader estate objectives. Clients appreciate straightforward guidance and plans tailored to their assets, family structure, and privacy preferences without unnecessary complexity.
Understanding Digital Asset Planning: Key Concepts for Decherd Residents
Digital asset planning covers the identification, organization, and legal authorization needed to manage electronic accounts and files during incapacity or after death. This includes financial and nonfinancial assets such as online banking, email, social media, cloud storage, digital photos, domains, and cryptocurrencies. In Tennessee, certain legal documents must grant authority to named agents or fiduciaries to access and handle those items. An effective plan documents account locations and login strategies while integrating with wills, trusts, and powers of attorney to ensure consistent treatment and minimize administrative burdens for family members and trustees.
Creating a plan begins with locating and cataloging likely accounts, then deciding who will have access and what actions they may take. Some accounts require a separate authorization or follow platform-specific procedures, while others are accessible through general estate or trustee powers. Addressing privacy preferences, whether to preserve or remove online content, and how to handle financially valuable digital property are all part of the planning process. For households in Decherd, combining personal organization with legal documents makes it more likely that wishes are respected and that asset value and important records are preserved.
Defining Digital Assets and How They Differ from Tangible Property
Digital assets refer to electronic accounts, records, and values that exist in digital form rather than physical form. They range from social media profiles and email accounts to online financial accounts, digital photo libraries, domain names, and cryptocurrencies. Unlike physical property, many digital assets are governed by terms of service or platform policies that can affect transferability and access. Legal planning must account for these contractual and technical differences. A thoughtful plan clarifies the owner’s wishes, instructs fiduciaries about handling and access, and reconciles those instructions with platform rules and applicable Tennessee law to avoid disputes and loss of value.
Key Elements and Steps in Building a Digital Asset Plan
A digital asset plan typically includes a systematic inventory of accounts, written access instructions, and legal authority granted through estate documents. Common elements include a secure list of account locations and usernames, directions about passwords or password managers, designations authorizing agents to access or manage accounts, and preferences for preservation or deletion of content. The process also involves reviewing terms of service to determine what is permissible and coordinating the plan with existing wills, powers of attorney, and trusts. Taking these steps early reduces uncertainty and helps families avoid delays when actions must be taken.
Glossary of Common Digital Asset Terms
Familiarity with basic terms makes digital asset planning easier. This glossary explains commonly used words and phrases such as account administrator, fiduciary authority, metadata, credentials, and encryption. Understanding these concepts helps clients make informed decisions about access, security, and the legal authority needed for agents to act. For residents of Decherd, taking time to learn the vocabulary also clarifies how digital matters interact with traditional estate documents and why certain written authorizations or procedural steps are recommended during the planning process.
Account Credentials
Account credentials are the pieces of information used to access an online account, typically including a username and password and sometimes additional authentication methods. Credentials may also include recovery email addresses, phone numbers for two-factor authentication, or security keys. Securely documenting where credentials are stored and how a trusted agent can retrieve them is an important part of digital planning. Proper handling of credentials balances access needs with privacy and security concerns, ensuring agents can carry out lawful instructions without creating vulnerability to identity theft or unauthorized use.
Digital Estate Inventory
A digital estate inventory is a comprehensive list of online accounts, devices, and electronic files that hold personal or financial value. The inventory includes account names, URLs, types of assets, and any special instructions or supporting documentation. Maintaining an up-to-date inventory helps authorized agents locate assets quickly and reduces confusion for family members. For Decherd households, regular updates to the inventory as accounts are added or removed ensure the plan remains accurate and actionable when it is needed most.
Fiduciary Authority
Fiduciary authority refers to the legal power granted to a person or entity to act on behalf of another in financial or personal matters. In the context of digital assets, fiduciary authority may be conveyed through a power of attorney, trustee appointment, or executor designation. That authority allows the fiduciary to access accounts, manage assets, and follow the account holder’s instructions, subject to platform rules and state law. Clear legal documentation helps ensure that designated fiduciaries can carry out necessary tasks without procedural obstacles.
Terms of Service
Terms of service are the contractual rules set by online platforms that govern account use, access, and what can happen to an account after a user’s death or incapacity. These terms can limit transferability, require specific procedures for account closure, or set privacy rules. A digital asset plan should account for those platform rules when advising agents on actions to take. Reviewing relevant terms ahead of time helps identify possible hurdles and informs the legal wording needed to authorize access while respecting contractual obligations.
Comparing Limited vs. Comprehensive Digital Asset Planning Options
When addressing digital assets, property owners must choose an approach that aligns with their goals and the complexity of their holdings. A limited approach focuses on documenting a small number of critical accounts and granting narrow authority for specific actions. A comprehensive approach addresses a broader inventory of accounts, establishes more detailed instructions, and coordinates multiple legal documents. Each choice balances cost and convenience against the likelihood of future access needs. For many Decherd residents, reviewing options with a knowledgeable attorney helps clarify which approach best protects family interests and digital value.
When a Narrow Digital Asset Plan May Be Appropriate:
Small Number of Low-Value Accounts
A limited plan often suits individuals who have only a few online accounts and little financial value tied to digital property. When accounts are limited to personal email, a small number of social profiles, and minimal online financial activity, a concise written list and a narrow authorization may be adequate. In that scenario, the focus is on providing clear instructions for immediate access and addressing privacy preferences. For many households, this simpler route provides necessary direction without the time and expense of a broader inventory and legal restructuring.
Preexisting Basic Estate Documents
A limited digital asset approach can also work well when solid estate documents are already in place and beneficiaries or agents are clearly identified. If a will, power of attorney, or trust already names trusted fiduciaries and the digital footprint is small, adding a focused digital asset addendum may provide enough authority and guidance. This option is often practical for those who want to address immediate digital concerns without a full overhaul of existing estate plans, while still ensuring that trusted individuals can take necessary actions on behalf of the account holder.
When a Broader Digital Asset Strategy Is Preferable:
Extensive or Valuable Digital Holdings
A comprehensive approach is recommended when digital accounts are numerous or hold significant value, such as cryptocurrency, large online businesses, or intellectual property. In these cases a detailed inventory, formal authorization across multiple documents, and careful coordination with trustees and financial advisors reduce the risk of asset loss. A broader plan outlines tailored instructions for managing, transferring, or monetizing digital holdings and helps ensure continuity for operations that depend on online platforms or merchant accounts.
Complex Family or Business Circumstances
Complex family structures, co-owned accounts, or business interests tied to digital platforms often require a comprehensive planning strategy. When multiple parties have access or competing interests exist, detailed documentation and careful legal authority help prevent disputes and clarify roles. A complete plan might include successor account administrators, specific instructions for co-owned assets, and provisions addressing business continuity. For families in Decherd with blended households or online enterprises, this level of planning supports smoother transitions and clearer governance.
Benefits of Taking a Comprehensive Approach to Digital Asset Planning
Choosing a comprehensive digital asset plan delivers several advantages for individuals with significant or diverse online holdings. It reduces uncertainty by providing a full roadmap for fiduciaries, protects potential monetary value stored in online accounts or cryptocurrency, and minimizes the administrative burden on loved ones during difficult times. Comprehensive planning also supports privacy controls by documenting whether accounts should be preserved or closed and by outlining the handling of sensitive personal data. In short, a broad plan delivers clarity and preserves value across a range of digital properties.
Another key benefit of a comprehensive approach is that it can be integrated with broader estate and financial planning. Aligning digital asset instructions with wills, trusts, and power of attorney documents ensures consistent authority and reduces the chance of conflicting directions. Additionally, a thorough plan anticipates platform-specific requirements and creates contingency measures for access when typical authentication is unavailable. For Decherd residents seeking to leave a clear legacy and protect family access to personal archives or business accounts, this approach reduces friction and potential legal obstacles.
Preservation of Financial and Sentimental Value
A comprehensive plan helps protect both monetary value and sentimental records stored digitally, such as photographs, correspondence, and creative works. By documenting how these assets should be handled and who may access them, the plan increases the likelihood that heirs receive intended property and memories remain accessible. The approach also supports prudent handling of assets with market value, enabling orderly liquidation or transfer where appropriate. This combination of financial foresight and personal consideration gives families a clearer path forward during transition periods.
Reduced Burden for Loved Ones and Fiduciaries
Comprehensive planning reduces the administrative and emotional burden placed on loved ones by giving them clear instructions and legal authority to act. When account locations, access methods, and fiduciary powers are documented, appointed agents can efficiently locate and manage digital property without prolonged searches or legal delays. This clarity minimizes family stress and helps executors and trustees carry out their duties in a timely manner. For families in Decherd, that reduction in uncertainty is a meaningful benefit during an already challenging time.
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Practical Tips for Digital Asset Planning
Create a secure, regularly updated inventory
Begin by compiling a secure inventory of accounts, devices, and digital files that matter to you. List account names, platform URLs, and contact information for associated services, and note whether each account contains financial value or sentimental records. Store the inventory in a secure location and update it whenever accounts are added or closed. Sharing clear instructions about where this inventory is kept helps authorized agents find accounts quickly while keeping sensitive information protected from unauthorized access.
Clarify access and authority in legal documents
Consider platform rules and two-factor authentication
Review the terms of service for your most important platforms to understand how each handles access after incapacity or death. Some services offer legacy or account access features that require advance setup. Also plan for two-factor authentication and recovery options, documenting recovery emails or trusted contacts as needed. Anticipating these technical details makes it easier for authorized individuals to comply with platform requirements while protecting your privacy and account integrity.
Why Decherd Residents Should Consider Digital Asset Planning
There are several common reasons to include digital assets in your estate plan: preserving financial value stored online, protecting sentimental records like photos and messages, avoiding unwanted access to private accounts, and making it simpler for family members to manage affairs during a difficult time. Digital asset planning also addresses the legal authority needed to act on behalf of an incapacitated person, which is important for timely bill payments and account management. Residents of Decherd who want to reduce administrative burden and protect privacy find this service particularly valuable.
Another reason to plan for digital assets is the evolving landscape of online services and account recovery procedures. Platforms change policies and authentication methods over time, which can complicate access without clear documentation. Early planning helps ensure that trusted individuals can navigate those changes and act according to your wishes. For families with online businesses, cryptocurrency, or important digital records, a proactive plan reduces the risk of losing access or value and supports a smoother transition for heirs and fiduciaries.
Common Situations Where Digital Asset Planning Is Beneficial
Digital asset planning is often needed when people have online financial accounts, hold cryptocurrency, operate a business that relies on online platforms, or keep important personal records in digital form. It is also helpful for those who are aging, have health concerns, or face complex family arrangements. When anyone anticipates that trusted individuals will need to manage accounts or access digital records, having a plan in place prevents delay and confusion. Decherd families commonly pursue this planning when they wish to leave clear instructions and legal authority for their heirs.
Significant Online Financial Accounts or Cryptocurrency
If you maintain online financial accounts, invest through digital platforms, or hold cryptocurrency, planning is important to preserve value and enable lawful transfer. Digital holdings can be difficult to access without proper documentation or knowledge of private keys and recovery methods. Planning addresses storage of credentials, authorization for fiduciaries, and instructions for handling or transferring digital funds. For many individuals with meaningful online assets, this step reduces the risk of irretrievable losses and helps heirs access value promptly under appropriate oversight.
Extensive Personal Archives or Social Media Presence
People who keep large photo libraries, personal blogs, or active social media accounts often want to control how that content is handled after incapacity or death. Digital asset planning lets you specify whether content should be preserved for family members, archived for future access, or removed. Providing guidance and legal authority for trusted individuals helps ensure sentimental records are handled consistent with your wishes and reduces disputes about privacy or legacy considerations for online profiles and stored communications.
Online Business or Domain Ownership
Owners of online businesses, blogs, or domains need a plan to maintain operations or transfer ownership according to their objectives. These assets may include accounts on marketplaces, payment processors, hosting platforms, and social media channels tied to business identity and revenue. Planning involves documenting login information, naming successors or managers, and coordinating with business succession documents. A clear strategy helps preserve business value, ensures continuity, and protects customer relationships when changes in management occur.
Digital Asset Planning Services for Decherd and Surrounding Areas
Jay Johnson Law Firm provides practical digital asset planning services for Decherd residents and families across Franklin County. We help clients identify important accounts, draft clear directions for fiduciaries, and coordinate those instructions with wills, trusts, and powers of attorney. Our approach focuses on creating effective, legally appropriate documents that account for platform rules and local law. Whether you have a modest digital presence or a complex portfolio of online assets, we guide you through options that protect your wishes and reduce burden on loved ones.
Why Choose Jay Johnson Law Firm for Digital Asset Planning
Jay Johnson Law Firm approaches digital asset issues with practical solutions tailored to Tennessee law and local needs. We listen to your goals, map out the accounts and access needs, and prepare documents that align digital directions with your broader estate plan. Our focus is on clear communication and creating plans that work in real situations, reducing uncertainty for families and fiduciaries. Clients in Decherd benefit from straightforward guidance and documents designed to be useful for the people who will act on them.
We strive to make the planning process as efficient and understandable as possible, providing a secure way to organize sensitive information and advising on technical steps like handling two-factor authentication or legacy settings on major platforms. Our team coordinates with financial advisors, trustees, or family members as needed to ensure continuity of management. The goal is to leave you confident that trustees and agents have the information and authority necessary to carry out your wishes.
Local clients appreciate having a resource familiar with Tennessee laws and the practical challenges families face when addressing digital property. We provide clear, actionable documents and support to implement your plan, helping to minimize delays and reduce stress for your loved ones. If you live in Decherd or Franklin County, our office stands ready to help you inventory accounts, craft legal direction, and update your estate plan as circumstances change.
Get Started with Your Digital Asset Plan Today
How the Digital Asset Planning Process Works at Our Firm
Our process begins with an initial consultation to understand your digital footprint and planning goals. We then create an inventory of relevant accounts and discuss access, preservation, and distribution preferences. Next, we draft or update the necessary legal documents—such as powers of attorney, wills, or trust provisions—and prepare a secure plan for storing account information. Finally, we review the finished plan with you and make recommendations for ongoing maintenance so the plan stays current as accounts or circumstances change.
Step One: Information Gathering and Inventory
The first step focuses on identifying what matters and where it is located. We guide clients through a systematic review to capture account names, platform details, and notes about access requirements. This inventory becomes the foundation for legal authorizations and practical instructions for fiduciaries. Gathering accurate information early prevents delays later and sets up clear directions that reduce stress for family members responsible for carrying out your wishes.
Interview and Account Identification
During an initial interview we discuss your online activities, business connections, and any digital assets that may require special attention. We identify priority accounts and any platforms with legacy settings or specific procedures. The interview helps prioritize which items require formal legal direction and which may be handled informally, and it ensures that the inventory captures all items that could be important to your estate or personal legacy.
Secure Documentation and Storage Advice
Once accounts are identified, we advise on secure ways to document and store sensitive information, such as using encrypted password managers or secure physical storage for backup materials. We discuss how and when to share access with trusted individuals and offer guidance on maintaining security while allowing necessary legal access. Practical storage advice complements the formal legal documents to make sure fiduciaries can carry out instructions responsibly.
Step Two: Drafting Legal Documents and Authorizations
The second step involves drafting the legal instruments necessary to grant authority to chosen agents and integrate digital asset directions into your overall estate plan. This may include powers of attorney with specific language about electronic access, trust provisions, or a digital asset addendum. We tailor documents to reflect your preferences and to anticipate platform requirements so fiduciaries have the authority needed to manage accounts while complying with contractual obligations.
Power of Attorney and Trustee Considerations
We ensure powers of attorney and trust documents clearly communicate the scope of authority for digital asset management. This includes drafting provisions that allow agents to access electronic records, manage online accounts, and perform necessary transactions. Clear wording reduces the chance of dispute or platform resistance and provides fiduciaries with a straightforward path to fulfill their duties under Tennessee law.
Aligning Wills and Beneficiary Designations
Digital directives should be aligned with wills, beneficiary designations, and other estate planning documents to prevent conflicting instructions. We review existing documents and recommend updates so that distribution of digital assets is coherent with your overall estate plan. Coordinating these pieces ensures that legal authority and beneficiary wishes are consistent across all documents, reducing potential confusion for executors and beneficiaries.
Step Three: Implementation and Ongoing Maintenance
After documents are prepared, we assist with implementation steps, such as advising on where to store the digital inventory, how to set up platform legacy options, and how to inform named fiduciaries about their roles. We also recommend a plan for periodic review to account for new accounts, technological changes, or shifting personal circumstances. Ongoing maintenance keeps the plan current and effective, ensuring that legal authority and practical instructions remain valid when needed.
Client Review and Execution of Documents
We meet with clients to review and execute documents in accordance with Tennessee requirements, ensuring signatures and witnessing are handled properly. During this phase we confirm that access instructions are complete and that fiduciaries understand their responsibilities. Finalizing these steps provides legal force to the plan and gives clients confidence that their digital assets will be handled according to their wishes.
Periodic Updates and Support
Technology and account practices change frequently, so periodic updates are essential. We recommend scheduled reviews to update inventories and legal documents as accounts are added or changed. Our office provides ongoing support to answer questions and implement updates so that the plan remains useful over time. This proactive approach helps families avoid surprises and keeps instructions aligned with current platforms and personal goals.
Digital Asset Planning Frequently Asked Questions
What counts as a digital asset in an estate plan?
Digital assets include a wide range of online accounts and electronic records that can have financial or sentimental value. Examples are online bank or investment accounts, cryptocurrency wallets, email accounts, cloud storage, digital photo collections, domain names, blogs, and social media profiles. They also include digital subscriptions and any online accounts tied to business operations. Identifying which items are important and documenting their locations and general purpose is the first step in ensuring they are managed according to your wishes.Including digital assets in an estate plan helps provide legal authority and practical instructions for those who will manage them. Depending on the asset type, special handling may be needed, such as preserving access keys for cryptocurrency or using platform legacy settings for social profiles. Coordinating these details with wills, trusts, and powers of attorney creates a clearer, more actionable plan for trustees and family members.
How do I make sure someone can access my online accounts?
Ensuring access to online accounts involves both practical steps and appropriate legal authority. Practically, maintain an organized inventory or use a secure password manager and note recovery information, backup contacts, and two-factor authentication methods. This inventory should be stored securely and shared only with trusted people or instructions to locate it when necessary. Clear documentation reduces the time required for a fiduciary to find and manage accounts during an already stressful period.Legally, powers of attorney, trustee documents, or a will should include language granting authority to handle electronic records and accounts where permissible. Because some platforms have their own procedures, combining practical instructions with clear legal authorizations increases the likelihood that fiduciaries can take necessary actions without undue delay or dispute.
Can social media accounts be passed to heirs or closed?
Social media accounts are handled differently depending on platform policies and user settings. Some services offer legacy or memorialization options that allow an account to be preserved, transferred, or closed according to the user’s instructions. Others restrict account transfer and require proof of authority or specific procedures. Deciding whether to preserve, memorialize, or delete profiles should be part of your planning process, and those preferences should be documented in your estate plan or in a separate digital asset directive.Because platform rules vary, it is helpful to record where social accounts are located and whether legacy settings are available. Providing clear instructions to fiduciaries and aligning those instructions with legal authorization increases the likelihood that accounts will be handled as intended and helps avoid confusion or conflict for family members.
How should cryptocurrency be handled in estate planning?
Cryptocurrency poses particular planning challenges because access often depends on private keys or recovery phrases rather than traditional account credentials. Safeguarding this access information is essential to preserve value. Options include secure storage of keys, using multi-signature solutions for larger holdings, and clear written instructions for trusted agents. Without proper access information, digital currency may be effectively irretrievable, so careful documentation and legal planning are necessary to protect these assets for heirs.Integrating cryptocurrency into estate planning also involves considering tax and regulatory implications as well as how to transfer or liquidate holdings. Coordinating with financial advisors and updating legal documents to authorize fiduciaries to access and manage cryptocurrency helps ensure orderly handling that aligns with your goals and Tennessee law.
Do I need a separate document for digital assets?
A separate digital asset document can be useful but is not always required. Many people include digital asset directions within a power of attorney, trust, or will, while others prefer a distinct digital asset addendum that lists accounts and provides instructions. The advantage of a separate document is that it can be updated more frequently without changing core estate documents, but it should be drafted to work cohesively with existing legal instruments and not to create conflicting instructions.Whether included separately or combined, the important factor is clear instruction and legal authority for trusted agents. The document should be securely stored and referenced in your estate plan so fiduciaries know where to find it and how to proceed when the time comes.
Will a power of attorney allow access to email and cloud storage?
A properly drafted power of attorney can grant authority to access electronic records, email, and cloud storage if the language is clear and consistent with platform policies. Some services recognize general fiduciary authority, while others require specific instructions or additional documentation. Including explicit provisions that reference electronic records and online accounts increases the likelihood that fiduciaries will be able to act without procedural barriers.Because platform responses vary, it is also helpful to pair the legal authorization with practical instructions, such as where to find recovery contacts and how to navigate two-factor authentication setups. Combining legal authority and technical guidance gives fiduciaries the best chance to manage accounts effectively.
How secure is it to store account passwords for a fiduciary?
Storing account passwords for a fiduciary can be secure if handled with appropriate safeguards. Recommended practices include using encrypted password managers, secure physical storage like a safe, and limiting access to named individuals with clear instructions. Balancing access needs with protection against unauthorized use is important; password storage should be designed to allow lawful management while minimizing the risk of identity theft or misuse by others.It is also wise to review and update stored credentials periodically and to document contingency plans for two-factor authentication or lost recovery methods. Clear instructions for fiduciaries help ensure they can act responsibly while maintaining the security of sensitive account information.
What if my accounts use two-factor authentication?
Two-factor authentication complicates account access for fiduciaries unless recovery methods are planned in advance. Documenting recovery phone numbers, trusted contacts, and backup codes in a secure manner can allow authorized agents to regain access when necessary. Some platforms also allow users to designate legacy contacts or set up account recovery measures that ease transition after incapacity or death. Planning for these technical details is essential to avoid being locked out of important accounts.When two-factor authentication is in place, consider how codes will be recovered and who is authorized to use them. Including instructions within your digital asset plan and pairing them with clear legal authority reduces the chances of prolonged access problems and helps fiduciaries act promptly when required.
Should I tell my family where digital account information is kept?
Communicating with family about where digital account information is kept is a sensitive but important step. Letting designated fiduciaries know the existence and location of a secure inventory helps them act quickly and reduces the possibility of conflict or confusion. Share only what is necessary and provide guidance on how to access the information securely, so privacy is preserved while enabling timely action when needed.It can also be helpful to name a secondary person who knows how to locate the inventory in case the primary fiduciary is unavailable. Clear communication and a written plan help family members understand their roles and reduce stress during transitions.
How often should I update my digital asset inventory?
Updating your digital asset inventory regularly is recommended because accounts and security practices change frequently. A routine review once a year or after significant life events such as marriage, divorce, birth, or changes in business ownership helps ensure the inventory stays accurate. Regular updates reduce the risk that key accounts or access methods are overlooked when the plan is needed.In addition to annual reviews, update documents whenever new platforms are adopted, recovery methods change, or account ownership is modified. Keeping both the inventory and legal authorizations current ensures fiduciaries have accurate information and legal authority to act when required.