What Happens to Digital Assets (like Social Media) at Death? Is It Time For a Digital Will?
Many people love the digital world and think of it as a huge benefit. Others…not so much, thinking of it more as a time waster at best, or a scary place at worst.
However you view it, there’s no denying the very complex issues that come with transferring and providing access to our digital assets after we die. What lives online is neither easy to access nor is it very clear as to who can get to it.
This is an important focus for all of us, including our families and businesses, since these days so much is kept and transacted online. Having an understanding of digital estate planning can help you plan for your future.
Put simply, not having a digital estate plan as part of your will is the same as not having a will at all.
In other words, if there is no specific direction given regarding those to whom you wish to provide access to files, email and even social media accounts, your wishes about those “assets” (and really that’s what they are – valuable assets) may not be able to be carried out.
Although there have been some small strides made by a few states in this legal realm, only a handful of states have addressed through legislation issues such as access to social media, blogging accounts, email, etc. A couple of attempts made during the last Arkansas legislative session to address this failed.
As a result, a digital estate plan is absolutely necessary to avoid any questions or confusion.
With regard to bank and investment accounts, acquiring these accounts or removing them from the Internet at the family’s request can be extremely cumbersome, as the “Stored Communications Act of 1986” tends to make accessing another person’s account very difficult.
While this article cannot address all issues, and the services of an estate planning professional is strongly advised, at the very least, you should give some serious thought to, and document, some very important information. Here are some steps to take:
1. Make a list of all online accounts and how to access them. This is the very foundation of any digital estate plan.
List EVERY relevant online account you have, from banking and investment websites to social media, smartphone sync sites such as iTunes and photo-sharing sites, and even your home utilities, including cable, satellite or DSL accounts. Document the following information:
- Name of the account;
- Contents of the account;
- URL address;
- Username;
- Password; and
- Instructions for the account’s disposition, as well as who is to undertake or supervise the disposition.
2. Put your instructions in writing.
This is as simple as creating a list of what to do with all of your online accounts. For example, take a Facebook or other social media account. Do you want the profile to remain online as an historical timeline and/or tribute, or prefer that the account be deleted?
3. Name a digital executor. Designate a person to carry out the digital plan, name this person in your will and make sure they know how to access the digital estate. Give the digital executor power of attorney over digital accounts in order to access them.
4. Store your information in a safe place. With digital estate planning gaining more traction, services are starting to pop up that will allow you to store all of your pertinent information in one place. This enables you to better protect your most sensitive information.
Our firm, EGP, offers just such a service, although not limited only to digital assets. Your information, including copies of relevant documents such as insurance policies, account statements, assets lists, etc., can be securely stored. Then, all you have to do is tell your heirs who to go see in the event of your death or even an event of disability that leaves you unable to take care of things yourself.
While these steps may seem like just a bunch of hoops to jump through, the best way to preserve your legacy and have your wishes carried out is to be sure all the little details are completely documented.
With digital assets becoming more and more important (and valuable), care should be taken to ensure that those you leave behind can execute your wishes and properly care for and preserve your priceless legacy.
