It wasn’t very long ago that we had only paper for financial
and tax records. We could simply point to a file cabinet or drawer and tell
someone, “Everything is in there when the time comes.” But now we have
computers and the internet, and so much of our lives is online. Unless we
include our digital assets and social media in our estate planning, our family
or administrator may not be able to find critical documents.
statements electronically, someone else may not even know these exist. If you
use a program like Quicken or Quickbooks and tax preparation software, those
records are on your computer. Facebook pages, blogs, email accounts and photos
stored digitally on a computer or an online account would certainly have
special meaning to your family.
make arrangements in advance, family members or administrators may not be able to
access these and the information could be lost forever.
is similar to estate planning for other assets. You need to make a list of what
you have and where it is located, name someone (with computer and social media
know-how) to step in for you, provide that person with access, and provide some
direction for what you want to happen to these assets.
social media/online presence, online accounts) will help make the task less
daunting. Next to each one, add user names, passwords, PIN numbers and the
site’s domain name. Keep this list in a safe place and tell your successor
where it is. (Do not store it unprotected on your computer; if it is stolen,
the thief would have all of your passwords. If you store it on your computer,
password protect the file and give that information to your successor.)
example, if you have a website or blog and you want it to continue, you need to
leave instructions for keeping it up or having someone take it over and
continue it. If a site is currently producing or could produce income (e-books,
photography, videos, blogs), make sure your successor knows this. If there are
things on your computer or hard drive that you want to pass on (scanned family
photos, ancestry research, a book you have been writing), put them in a “Do Not
Delete” folder and include it on your inventory list.
protect your family from identity theft after you are gone. The person you name
as your successor will need a death certificate to do this. Consider naming
this person as a co-trustee or co-executor with responsibilities limited to
this area to give them legal authority to act for you.
“other” estate planning, the more we can do now to put things in order, the
easier it will be for our families later. If you would like to discuss integrating social media in your overall estate planning, contact our wills and trusts attorney in Menlo Park, California.
