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
  727 Hits
727 Hits

Search Blogs Module

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