Articles Tagged with Social Media

8.5.19A will serves several purposes. It gives you the power to distribute your possessions, according to your own wishes. It also lets you name who should take care of your children, if they are minors when you die, and of your pets, if you provide for them in the will.

Just because your wealth isn’t measured in billions, doesn’t mean you don’t need a will. Without one, explains Yahoo Finance’s recent article, “Do You Really Need a Will?” you’ll have no say in what happens once you pass away. There may also be less for your heirs to inherit. There will also be more legal costs and stress.

Each state has laws that pertain to the distribution of a person's estate, if they die without a will. These laws most likely won’t mesh with your personal desires. If you don't have a will, ask yourself why you don't. Perhaps you think you don't need one. However, more than likely you do. If you're putting off starting this important estate planning task, here are some things to consider.

MP900446463Recognizing the ever-growing concern over managing online accounts of deceased loved ones, Google has changed the options on their support page regarding access to a deceased user's account.  We're glad to see that Google allows survivors to manage their loved one's accounts in the event of death, especially when clear instructions may not have been left behind by the deceased.  You may visit the  updated page to review the various options available to family members or those individuals interested in planning their own estates.

Earlier this month our blog discussed Facebook offering a new feature called: "Legacy Contact."  This feature may also help your loved ones secure your account after your death and allow you to make specific designations about your account. 

Although many state legislatures are attempting to define how digital accounts may be managed after the user passes away, we believe that it is a good step forward that Google and Facebook are making in helping families gain a better understanding of the available options for digital asset management.

Top secret keyDeath is emotionally difficult enough without discovering that you have no idea what digital assets a person had or what they wanted done with them.

A growing concern among those wishing to properly manage their digital estate is "digital death," which questions what is an asset or special relationship—and how to balance privacy and security with passing on relevant information. A recent Smart Company article, titled "The business of digital life and death," reports that 70% of 65-74 year-old Americans are on Facebook, and there are 30 million accounts that belong to individuals no longer alive. The article cites several factors in dealing with digital assets. For example, there are no international standards on digital assets or for how to address them via estate planning.

Again, social media has not been a burning issue in estate planning as of yet; however, as younger generations start to look at planning for the future, it will become more relevant as it will be more common and because the legal treatment of digital assets after death is clearly defined.

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