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
  282 Hits
282 Hits

Search Blogs Module

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