To understand which of your digital assets should be included in your estate plan or to add it to an existing estate plan, please contact us.
Online PR News – 11-November-2018 – Hackensack, NJ – Who gets your Bitcoin investment when you die? Who gets your Snapchat account? What happens to your Facebook account? How can your heirs disable your Instagram account when you die? How do survivors access the contents on your mobile device only unlocked with fingerprint authentication?
Are Internet Accounts Property?
Internet accounts are property, and property stored online that has any value requires the same level of protection you give to other tangible and intangible property. Tangible property includes houses, cars, and stocks. Intangible property includes items like patents, copyrights, and goodwill. Internet accounts are considered intangible property.
Do I Include My User Names and Passwords to all of My Online Accounts in My Will?
Many people mistakenly believe that their heirs will be able to close their online accounts when they die. If your heirs do not know your user name and password and have access to your email account or mobile device, closing such accounts will be impossible following your death. Wills now contain user name and passwords to popular social media networks to help heirs close and manage online accounts. But a person's online presence is not just limited to his or her user names and passwords.
For example, social media accounts like Facebook permit users to designate what happens to their account after they die. Users can designate someone to inherit their social media account. Users can elect to preserve their page or have the account deleted forever. Contained in the social media company's privacy user agreements are terms related to the preservation or deletion of a deceased person's online presence.
Other digital assets include:
â— Online banking, brokerage, credit card, insurance, and retirement accounts;
â— Online retail accounts and apps;
â— Digital wallets and prepaid apps;
â— Cryptocurrency, like Bitcoin;
â— Blogs and websites;
â— Streaming services, like Netflix, ITunes, and Amazon prime; and
â— Photo and video sharing websites and apps like snapfish, YouTube, and Vimeo.
Each of these potential digital assets has its own privacy clause and may or may not contain provisions for control of the accounts following the death of the account holder. Issues of privacy survive post-death because if your estate is probated, the entire contents of the will are made public at the conclusion of the administration or settlement of the estate.
Contact the Estate Planning Lawyers in Hackensack, NJ
To understand which of your digital assets should be included in your estate plan or to add it to an existing estate plan, contact the estate planning Lawyers in Hackensack, NJ to schedule a consultation.
The Giro Law Firm proudly serves the community of Hackensack, New Jersey and the surrounding areas in Bergen County, New Jersey. We help individuals with all of their estate planning needs, including the drafting of wills. Talk to the estate planning lawyers in Hackensack, NJ today about powers of attorney, health care proxies, and Medicaid planning for long term medical care. To request a consultation with an estate planning lawyer and divorce lawyer in Hackensack, NJ call (201) 690-1642.