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Home » Estate Planning » Digital Assets: An Estate Plan For Your Facebook Account

Digital Assets: An Estate Plan For Your Facebook Account

July 12, 2018 by Gerald M. Dorn, Estate Planning Attorney

asset protection lawyersDid you ever wonder what happens to your digital footprint when you pass away? Well you should, particularly if you are part of the 77 percent of Americans who go online every day. As the internet has become more of an integral part of our lives, our information — pictures, videos, financial, emails, social media accounts, and other personal information — is constantly being stored online. All of this information is known as your “digital assets.” While the internet has made our lives easier by allowing us to access our information with the simple push of a button, it may be difficult for our loved ones to do the same once we are gone.

Digital Estate Planning

Digital assets encompass any of your information that you store or use online — this includes social media accounts such as Facebook. While you may not consider these digital assets as having much monetary value, they store critical information or have sentimental value. Consequently, when you plan for your estate you should include your digital assets because they are an asset owned by you. Indeed, when it comes to your digital assets you will have to make special advanced arrangements so your executor — the person in charge of your estate when you pass away — can access them upon your passing. Many online providers, such as Facebook, Google, and Yahoo!, have specific procedures for handling your account upon your passing. In order to ensure that your wishes are carried out, you must follow their rules. Strictly speaking, providing usernames and passwords to another person, even your executor or successor trustee, may be a violation of the terms of service for many online accounts, and could cause trouble for your executor or successor trustee. You should also consider access to your computer and back-up hard drives, tablets, and smartphones. Being proactive is key when it comes to your digital assets so that they may be accessed when needed. And, as with any estate plan, regularly revisiting your plan for your digital assets is key.

Coordinating Your Digital Assets With Your Estate Plans

Depending on where you live your digital estate plan may need to be formalized into a legal document. You can then name an executor specifically for your digital assets or, alternatively, name someone with whom your traditional executor can work with in order to settle your digital estate. Make sure to instruct your executor as to the location of your digital asset inventory for easy access. Keep in mind that because your will becomes a public document upon your death due to probate, you should never put any of your username or password information in your will. Instead, have your will refer to an outside document that contains all the needed information regarding your digital assets.
Under Nevada law, in accordance with recent laws passed in 2017, you should specifically grant authority to your Trustee under a Living Trust, your Agent under a Power of Attorney, and an executor under a Last Will and Testament in order to ensure all digital information can be accessed in the event of an incapacity or death.
Attend a FREE Webinar to learn more about estate planning, dealing with digital assets, and all the important aspects of protecting your loved ones! If you have questions regarding digital assets, or any other estate planning issues, please contact Anderson, Dorn & Rader, Ltd. for a consultation, either online or by calling us at (775) 823-9455.

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Gerald M. Dorn, Estate Planning Attorney
Gerald M. Dorn, Estate Planning Attorney
Gerald Dorn is a shareholder and has been a partner at Anderson, Dorn & Rader, Ltd. Since 1998. Mr. Dorn has extensive experience serving wealthy families and business owners in the development of estate, tax and asset protection planning strategies. He made the decision to focus his practice in the area of estate planning after witnessing the personal grief and financial loss suffered by several of his clients as a result of poor planning. These experiences motivated him to dedicate his professional life to assisting his clients to preserve their life’s work for their heirs and to create a lasting legacy for those they love. Mr. Dorn is able to accomplish his mission through the use of a vast number of estate planning tools, both basic and advanced, for all of his clients at Anderson, Dorn & Rader, Ltd.
Gerald M. Dorn, Estate Planning Attorney
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