You Can’t Take It With You When You’re Gone…Or Can You? Social Media Estate Planning

Many individuals fail to realize that their profiles, contacts, and other social media property are valuable assets that should be included in the estate planning process. In addition to preserving value, having a social media estate plan can ensure your accounts remain secure and help avoid potential identity theft. Even the United States government is encouraging the use of social media estate planning. In its official blog, the U.S. government has urged that individuals create a social media will as part of their estate planning process. The law has not exactly kept pace with the constant innovation in the digital realm. There are very few states – specifically, Oklahoma, Idaho, Rhode Island, Indiana, and Connecticut – with laws addressing social media asset disposition after death. At its 2012 Midyear Meeting, the Uniform Law Commission approved the Fiduciary Powers and Authority to Access Digital Information study committee. The committee is tasked… Continue Reading