The digital world is ever expanding, and your collection of digital property expands with it. From accounts and content on Facebook, Twitter, and Instagram to downloaded music, movies, and books there is a considerable amount of information stored online that needs to be accounted for after death. These accounts and files should be passed to your surviving heirs like any other asset. However, the various contracts and EULAs you digitally sign when purchasing products and using services online might restrict how these assets can be transferred.
Most of the information and accounts on a social networking site such as Facebook is not owned by the individual but licensed for use. The license is not transferable, meaning it may not be willed or transferred upon death. Estate planning attorneys are fielding more questions about these assets as they become more common. Because each site has different regulations on how it handles the license upon the death of a user, what assets can be transferred vary. Facebook will allow for an account to go into “memorial” status and allow others to view the account for some time after your passing. Facebook also offers a setting to allow another user to access your account after death.
As more digital assets are being transferred, or at least, being sought for transfer, companies are increasingly opening their licensing agreements to meet this demand.
For now, it is prudent to list all social media accounts, emails, users name, and passwords in your testamentary document, in order for your executor or administrator those accounts. You can instruct your personal representative to notify your friends and followers of your death and have them post your obituary or final words to sites.
Digital Items and Licensed Property
Music and movies are increasingly solely purchased on the internet and downloaded to physical storage or a cloud-based service. Some collections can be quiet extensive and worth a considerable amount of money. You want to be sure to make these collections available to your heirs and beneficiaries. Content that is downloaded and stored on physical storage (computers, external drives dongles) will be easily transferable to your beneficiaries. Your will or trust can specifically list albums or movies to be distributed to your beneficiaries. For the content stored in cloud based services, it is important that you list the account names and passwords for easy access and distribution to your beneficiaries.
Financial Accounts and Utilities
A difficult part of initiating a probate proceeding is the valuation of the estate’s assets. Increasingly, people receive digital statements rather than paper statement from the bank each month. These important details regarding account balances and activities are harder to acquire without preparation of account information. Banks and other financial institutions have implemented strict privacy regulations that make it difficult to receive any account information unless you are listed on the account. In order to complete probate, your personal representative will need to prove to the court the value of the estate assets, so gaining this information without hassle speeds up that process.
Many people also arrange automatic payments out of their bank accounts. Having access to these accounts from each side (bank and service) helps in stopping payments and arranging for account transfers.
With the ever changing landscape of the Internet, it is important to have a well-drafted will or trust to assist your executor. The probate attorneys at Clear Counsel Law Group can help you to draft documents, understand the legal landscape, and guide your executor through the probate process. Reach out to us for a free consultation.