Over half of millennials are responsible for executing their parents' wills, but hardly any have access to their parents' online passwords

As COVID-19 spread, many American millennials finally began their estate planning. Yet, many of them do not have the correct digital information if their parents pass on, according to new research from Toronto — Canada-based security and privacy company 1Password.

In partnership with digital estate planning companies Trust & Will and Willful, it surveyed 1,000 American millennials aged 25-40 years old for its Great Wake up Call Report.

It wanted to discover how this generation favours securing important documents and passwords and storing and transferring digital assets before and after death. 

Over two in three (68%) of millennials do not have a will, and under two in five (38%) of millennials have provided clear guidance on how they’d like their digital accounts managed after they die.

The report shows that although almost three in four (72%) of American millennials had wills that were created or updated in the past year, only 3% of those wills included online passwords.

Traditional ways of securing important documents still dominate our behaviour. More than four in five (81%) of millennials say they keep important paperwork, like their birth certificate, in a physical location such as a filing cabinet, safe, or safety deposit box.

For online security, over

Read More: https://www.zdnet.com/article/over-half-of-millennials-are-responsible-for-executing-their-parents-wills-hardly-any-have-access-to-their-parents-passwords-for-online-accounts/#ftag=RSSbaffb68