Considerations for Social Media and Digital Assets

Let’s face it – a large portion of our life is now online, from banking, storing photos, and social media. In this era of technology and social media, you cannot forget about these assets when preparing an effective estate plan. Though gathering and distributing tangible asset can often easily be accomplished – passwords and other privacy requirements are often not so easy to overcome. Digital assets come with their own host of issues, ranging from legal authority to family disagreements.

Social media can present a unique challenge for your loved ones if you pass suddenly. Yet, few of us have read the Terms of Service governing access to these accounts. Consider the father who had to beg Facebook for access to the videos and photos left by his 21-year-old son who passed away. More so, the last thing needed during this time are family members arguing over who is entitled to recover these assets, or who is entitled to decide on what happens with your social medica account.

Luckily, some companies have recognized that change is needed. Apple now allows for Legacy Contacts which allows you to select friends or family to have access to some information stored in your phone. Likewise, Facebook allows for a legacy contact. This person is authorized to look after your account once it is memorialized after your death, however, there are significant restrictions for what this contact can and cannot access.

Now consider how difficult it would be for someone to access your email, pay your bills, save you pictures. The Court can grant your authority over estate assets – but they cannot magically give you passwords for all of these assets. We frequently advise clients to make sure that login information, passwords, security codes and other access information is up-to-date and securely stored. There are numerous options for how to do this, from low tech notebooks to high-tech password vault services. Whichever your method, this is something that could greatly benefit your family.

When it comes to estate planning, these are considerations that should not be overlooked. It is pertinent that your estate planning documents address your digital assets. A properly drafted Power of Attorney, Will, or Trust can authorize your agent to access and manage your digital assets.