Manage Digital Assets When Planning Your Estate

Adapted from David Katz’ book, "Beyond Performance: How Financial Advisors Deliver Added Value to Their Clients"

Many people take great care to control their image on social media sites such as Facebook, Twitter, Instagram, and LinkedIn. However, deciding who should have access to your social media accounts after death is an increasingly sensitive and significant issue.

That’s because your social media accounts often contain personal messages, photos and videos and other private information. Social media websites generally have strict privacy policies and often do not allow access to the accounts of users who have died. For instance, Facebook may "memorialize" the user’s Facebook page, but may not allow the family access to the account. Many email services such as Gmail and Yahoo have strict user agreements to protect the privacy of their customers.

Your digital assets include email accounts, domain names, account registrations and bitcoins. With online banking and bill payments, it can be difficult for executors to determine the extent of a person’s assets after death. In some cases, you may be able to designate someone to access those email accounts after death, like naming a beneficiary on a bank account.

Therefore, you should consult with your legal advisor about incorporating those digital assets into your estate plan, including who should have access to what information. In the meantime, you might want to give your social media passwords to someone you trust and keep up-to-date records of your online banking and investment activities.

David is an Accredited Investment Fiduciary® (AIF) and an Accredited Asset Management Specialist (AAMS®) who advises professionals, retirees, families, and other clients on personal financial strategies. His focus is on financial planning and asset management. David has more than 28 years of investment and wealth management experience, and is the author of two books “A Financial Prescription for Doctors and Dentists: Strategies for Achieving Your Personal and Career Goals” (2015) and “Beyond Performance: How Financial Advisors Deliver Added Value to Their Clients” (2018)

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.