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
  1159 Hits

Search Blogs Module

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