Social Media Wills
A study conducted by McAfee a few years ago showed that, on average, globally we have over $35,000 worth of assets stored in online financial institutions and in our electronic devices. That number is likely much higher today.
A blog by the Ohio State Bar Association provides a good example of how these digital assets sometimes come with substantial road blocks to their access.
Take, for instance, the hypothetical 60-year-old who unexpectedly dies. His personal representative attempts to gather his assets but discovers that all of his account statements were produced and transmitted electronically by email. Even the decedent’s tax returns, which would provide valuable information as to the location of the decedent’s accounts, were produced electronically and filed online. The personal representative has no access to the decedent’s email username and password or any other account for that matter. Family members would like access to the decedent’s social media accounts to preserve photographs which may not be available elsewhere. Perhaps the decedent has an eBay account, website, or other online business that requires action.
Because social media is a part of our daily lives, creating a social media will is an important part of your life plan. Start by appointing a trusted relative or friend to act as your “online executor,” taking responsibility to close your email accounts, social media profiles and blogs. This person should be given a list of all online account passwords and a clear statement about how each account should be handled after your death. Make sure this person understands your wishes and the digital footprint you want to leave after death.
Including digital information in a will should be considered carefully because once a will is admitted to probate, it’s public information. Instead, create a social media will as a separate document that contains all of your account details so that none of the usernames and passwords become part of the public record. For a comprehensive social media will you should consider the following:
- Review the privacy policies and the terms and conditions of each website where you have a presence.
- State how you would like your profiles to be handled. You may want to completely cancel your profile or keep it up for friends and family to visit and share their thoughts. Some sites allow your heirs to create a memorial profile where others can still see your profile but can’t post anything new.
- Give your social media executor a list of all websites where you have a profile, along with your usernames and passwords.
- Stipulate in your will that the online executor should be given a copy of your death certificate. The online executor may need this as proof in order for websites to take any actions on your behalf.
From banking passwords to Amazon and Facebook logins, without a plan, our digital devices are just a jumble of personal and financial data our loved ones can’t possibly make heads or tails of. The world is changing and your estate plan has to keep up in order to properly serve you and your loved ones. It’s never too soon to get your digital assets and virtual affairs in order, and a My Life & Wishes account is a good place to start.
