In the age of digital dominance, our online presence often outlives us. The internet never forgets, and this principle extends to our digital financial accounts. In today’s modern estate planning, it’s crucial to consider what happens to your digital assets, such as PayPal, Venmo, and Apple Pay, when you pass away. Without a proper digital estate plan, your loved ones might face complications in handling these accounts. In this blog post, we’ll explore the steps to close these accounts after your demise and the importance of a digital estate plan.
Closing a PayPal Account:
PayPal, founded in 1998, is a widely used online payment platform. To close a deceased person’s PayPal account, the authorized administrator or executor must follow specific steps. These include providing documentation such as the deceased’s email address, the requestor’s identification, the death certificate, and legal documentation, such as a will. Once these requirements are met, PayPal will issue a check or transfer the balance to the linked bank account and then close the account.
Closing an Apple Pay Account:
Apple Pay, launched in 2013, has become a major player in digital payments. Accessing and deleting a loved one’s Apple ID, which is used for Apple Pay, involves various methods. This can range from obtaining a court order to adding a Legacy Contact with access keys and a death certificate. Alternatively, someone with the necessary legal documentation can permanently delete the Apple ID through Apple’s Digital Legacy page.
Closing a Venmo Account:
Venmo, with approximately 80 million users, is a popular digital wallet linked to credit cards and bank accounts. To close a deceased customer’s Venmo account, a notification must be submitted to the Venmo support team. The process includes providing information about the cardholder, executor, next of kin, and requestor, along with necessary documents like the death certificate and authorization.
The Importance of a Digital Estate Plan:
While some companies have automated systems for handling deceased users’ accounts, others may require direct contact for assistance, as seen with Venmo. A well-organized digital estate plan can expedite the process of settling online payment accounts. It should include login credentials, methods for accessing accounts, and instructions for settling each account. Additionally, it should specify whether online payment accounts are linked to recurring bills, allowing for the cancellation of automatic payments.
In the digital age, planning for the fate of your online financial accounts is as important as traditional estate planning. Whether you use PayPal, Apple Pay, or Venmo, knowing how to close these accounts after your passing and having a digital estate plan in place can ease the burden on your loved ones during a difficult time. Remember, what happens to your digital legacy should be your choice, but it should also be clearly documented to ensure your wishes are carried out effectively.
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