Grandma may have planned for who’d get her jewelry, china, or heirloom quilts after she died, but she probably didn’t need to think about what would happen to her Facebook account and other “digital assets.” But you should. 
In today’s digital age, it’s not just physical assets that must be accounted for in estate planning. Digital assets such as social media and email accounts, and online bank accounts also need to be considered.
Failing to account for these assets can cause problems for loved ones who are trying to settle an estate. So, let’s explore (1) what happens to these “digital assets” after you pass away, and (2) the most relevant digital assets and social media platforms to consider.
Digital assets can be broadly classified into two categories: financial and non-financial. Financial assets include online banking accounts, investment accounts, and cryptocurrency wallets. Non-financial assets include social media accounts, email accounts, and digital photo and video collections.
Social media and communications platforms like Facebook, YouTube, LinkedIn, Instagram, Pinterest, Reddit, Quora, WhatsApp, WeChat, Tumblr, and TikTok have become integral parts of our daily lives.
According to a survey conducted by Pew Research Center, 69% of adults in the US use social media. Facebook is the most widely used platform, with 69% of adults reporting that they use the site. Twitter and Instagram are also popular, with 22% and 37% of adults using these platforms, respectively.
When it comes to estate planning, it’s important to consider what will happen to your social media accounts after you pass away. Facebook and Instagram, for example, allows users to choose a “legacy contact” or a :memorial contact” who will be able to manage the user’s account after they pass away. This legacy contact can be given permission to manage the user’s account by (1) “memorializing” it, or (2) deleting it entirely.
For social media accounts that do not currently have a feature that allows for posthumous account management, loved ones can contact the platforms and request that the accounts be deactivated. This can be a lengthy and complicated process, and it’s important to have written documentation that outlines your wishes for these accounts.
Email accounts are another digital asset that need to be considered in estate planning. These accounts may contain important financial and personal information that loved ones will need access to after you pass away. Apple, Gmail and Yahoo all have options for managing email accounts after the user has passed away.
With Gmail, users can set up an “inactive account manager” who will be able to access the account after a certain period of inactivity. Yahoo has a similar feature called “account key,” which allows users to assign a trusted contact who can access the account after they pass away.
Digital photo and video collections should also be considered in your estate planning. Many of us have collections of photos and videos stored on our phones or in the cloud. These collections may contain important memories that loved ones will want access to after we pass away.
Apple’s iCloud and Google Photos both have options for managing digital photo and video collections after the user has passed away. With iCloud, users can set up a family-sharing account that allows family members to access the user’s photo and video collections.
Google Photos has a similar feature that allows users to assign a “trusted contact” who can access their photo and video collections after they pass away.
Ensure you have easily accessible written documentation that outlines your wishes for these assets. Be sure to discuss these issues with your estate planning lawyer who can help you develop a strategy for the management of all of your digital assets.