Asset Planning, Inc Blog

The latest from the team.

What Happens to Your Social Media & Online Accounts When You Die?

Until very recently there was really no estate planning direction on how your social media and online accounts should be handled after you pass away. If you're like me, I have multiple social media accounts and have opted to go paperless on every account that I can. Though this is the most convenient option for us now it may pose a problem when you pass away and there are no instructions or information left for your loved ones. I recently listened to a webinar hosted by TLD Law that gave out some great information and tips on how these digital assets should be handled.

First, we'll talk about what digital assets really are. Digital assets are considered any electronic record that is stored in an online account, not the online account itself. For example: You have a Gmail account, the Gmail account and address are not considered a digital asset. The digital assets would be any emails, pictures or other files in the email account.

Here are some other examples of digital assets:

Airplane Miles, Social Media, Software Licenses, Websites, Cryptocurrencies and any other digital file stored with in an online account or your computer; think Shutterfly, iCloud etc.

One quick way to ensure that your digital assets are taken care of after you die is buy completing a Power of Attorney specifically for those digital assets. The Power of Attorney should have a digital assets provision in it.

If you have a trust in place you should check it to see if there is a provision for digital assets. If the trust document was drafted before 2017 it likely does not, and you will need to amend the trust accordingly.

In the trust and power of attorney documents you should give clear instructions on how you would like your digital assets taken care of when you pass away.

By law, anyone you give this responsibility to will have a fiduciary duty of care, loyalty and confidentiality to uphold. What that means is that they are not allowed to share any personal information that has not already been made public.

A lot of online sites have either legacy contact information or inactive user account manager options that you can set up in your account profiles. Whoever you designate will be contacted after a certain length of time, usually chosen by you, where your account has not been active.

It's important to note that by giving some power of attorney over your digital assets, the companies that hold that information are not legally required to give them access to the online accounts. It is very important to compile an ongoing list of all of your online accounts as well as passwords and keep it in a safe place that your trusted person knows about. Downloading this information onto a hard drive and keeping it in a safety deposit box or fireproof safe are a couple of options. If you simply just give someone this information without the proper legal documents their attempt to log into your account may be misconstrued as computer fraud and may be prosecuted. Especially in the case of elderly parents or grandparents, because there is a heightened awareness of elderly abuse.

There is a ton more information and tips online. I highly encourage you to do some research and get these provisions in place.

 

 

 

 

Continue reading
  906 Hits

Search Blogs Module

Wait a minute, while we are rendering the calendar
pet donation drive 900 number “ skimmer ”. clients show support tax season partner /owner Medicare Advantage insurance policies birth certificates Auto insurance clone counterfeits Labor Day 23 andme credit freeze National Ice Cream month president Trump debt emergency kit information checklists contribution limit February 14 Financial Planning Magazine April 15 Legal robocalls information Facebook identity theft Kraig Mathias holidays approach DNA test kits borrowing money estate July 4 offering insurance money ice cream illiegal robocallers pet supplies driver license summer credit card company Puerto Rico Wells Fargo employees CARES Act credit monitoring service blog post Brexit vote client portal Social Security Economic Security IRA accounts CA FTB Healthcare identity thieves house sitter operations manager trustee health care services Orange County Superior Court years payments April 18 2017. vision screening parking spots gap insurance September 8 self-help topics donation counts banking spam phone clients cell phone SIM swap scam credit cards trust Retirement Contribution Limits consumer spending Medicare question Medicare Part B premiums chip-enabled EMV cards stimulus package Affordable Care Act Two-Step Verification Expired medications IRS deadline October 1 2020. business hours company Amazon credit card fraud stock pile drive /usb pets Facebook profile Open Enrollment September 9 water … vacation estate planning direction credit score emergency folder memorial Day weekend CFP ® estate planning jury duty tax deadline home break-ins non-prescripstion sunglasses life saver IRS tax deadlines cell phone provider coronavirus Asset Planning retirement plans home mortgages increase FSA wells Fargo tax returns Medicare prescription eyeglasses 2017 Equifax breach account numbers card reader home emergency kit privacy settings check lists fun atmosphere investment statements 4 pm -8pm cell phone carriers Social Security Administration 2018 IRA contributions web address July weekend portal scams Federal Trade Commission website cell phones Wells Fargo customers earthquake app pet documents donation items 20 year anniversary ice cream event retirement emergency kits home July 6 tax filing deadlines September 30 2020. VOIP landline phones Roth IRA disaster areas Erin Nelsen phishing scams home security Medicare plan Victor Dergunov settlement options breach fees EEChecklist-Kits.pdf stockpilingchecklist.pdf home emergency preparedness kits California Lions Friends cell phone service provider news coverage Orange County D premiums June 29 Supplemental Security Income hurricane Dorian Part B Open House 401K April 11 Part D premiums . Flexible Spending Account assets cell phone carriers offer Kiplinger Letter paperwork clutter Ice Cream Social opt-out Charles Schwab Mobile Banking Security Tips app people medications phone tax records 2017 TD Ameritrade National LINC Conference January 10 July 3 rd retirement accounts items official certification COVID -19 virus Medicare Part B Coronavirus Aid Notary Public fun facts https :// notary services ID card Shred paperwork student loans flash drive phishing sites team members car loans FEMA website paper records family members insurance policy rescue organizations spread asset Planning https ://seekingalpha spring cleaning integral member earnings fallout CERTIFIED FINANCIAL PLANNER exam Fox News story Treasury Department retirement planning pet industry phone companies media accounts bottom line health care costs executive order Independence Day interest rates Joey Gonzales interest toilet paper 70 1/2. TD Ameritrade privacy notices relief efforts policy markets market turmoil padlock 2017 IRA contributions records text messages email notifications