When thinking about your possessions, you may forget things like on line social media programs such as Facebook and Twitter, not to mention email, frequent flier accounts and such.
All those accounts are filled with personal memories, photos, music, and, in some cases, valuable miles that could be worth thousands. And what about online bank accounts such as Paypal?
Who gets that stuff when you pass away?
It might become messy. That’s why, according to an article on Lawyers.com, an attempt is being made to clear up the situation.
In an attempt to clear up confusion over these matters, the Uniform Law Commission, a group that recommends standardized laws for states, is planning to draft model legislation to address social media accounts and digital assets.
Lawyers say assets in these accounts will surely spur lawsuits in the future and this is an attempt to set up a manageable set of rules that can apply everywhere. They hope to have the rules drafted by July 2014.
For now, there is a patchwork set of state laws and company policies that address who can access people’s accounts after they die. Facebook, for example, will turn a page into a memorial site if presented with proof of death, but will not give anyone access to the account unless forced by law.
For the time being, people should include accounts and passwords and instructions on how to handle them and to distribute any assets in those accounts in their wills, lawyers say.
You probably hadn’t thought of that. Its a good idea to consult with an estate planning attorney to get it right.
If you any questions about your estate plan, including how to include items such as on line accounts, feel free to call us for a consultation at (626) 696-3145.
