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
  935 Hits

Search Blogs Module

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