Should I Create A Will For My Online and Social Media Accounts?
Most of your data – financial records, pictures and videos, etc. – are stored digitally in online banking services, social media accounts and various other accounts. Your digital assets now have equal value as your traditional and tangible assets. However, most people tend to overlook this data while drafting their wills. With no clear beneficiary, this could lead to:
- Your family and friends will have no way to access your digital data. Your family may need to access this data to sort finances or fulfill your wishes. The absence of a will for your online accounts makes it difficult for them to do this.
- It increases security risks of your data. Accounts of deceased people are most susceptible to hacking. Not creating a will for your online accounts delays the process of protecting the information in your digital assets.
- It complicates transferring your assets. Most often, your executors do not realize the presence of an online account if you do not mention it in your will. Consequently, your beneficiary might not receive the funds you wished to pass on.
So, how do you create a digital legacy?
The best way to create your digital legacy is by making a legally verified will for your online accounts. Your official will is usually made public after your death. By including sensitive information of your online accounts in your will, you could be jeopardizing the security of those records.
Remember that you cannot just pass on the login credential of all your digital assets. While you may be able to do so with monetary assets, passing on your social media accounts and emails might be more complicated. While Facebook provides a legacy feature allowing your beneficiaries to leave memorial statuses, some platforms might deem sharing account details as illegal.
So, create a will for your online accounts and appoint a digital will executor. Attach a separate document/letter that includes your online account details and instructions on what you wish to do with each account. After checking with each company, you can choose to either pass on the account (if applicable) or delete the account or memorialize the account or even create a duplicate before deleting.
Now that you know what your options are to create a digital legacy, get started on Clocr by sorting through your online accounts. You must decide what you want to do with each of them if you were to pass on and add it to your will for online accounts.