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
  247 Hits
247 Hits

Search Blogs Module

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