Techno charging Your Estate Plan

Technology in our lives is the new normal. None of us can imagine life without a mobile phone, Netflix or heaven forbid – social media! So, it makes sense to consider cyber assets in your estate plan. Digital decisions are the new black!

techestate

What are cyber assets?

The obvious ones are your social media accounts – Facebook, LinkedIn, Instagram, Twitter, Snap Chat to name a few. Cyber assets also include:

  • our email accounts (Yahoo, Hotmail, and Google)
  • online paid memberships (Stan, Netflix, Spotify)
  • Online money accounts (PayPal)
  • Online business accounts (eBay, amazon, YouTube)
  • Cloud based storage (drop box, Evernote, iCloud)

So why bother including these assets in your estate plan? Generally, to ensure someone is aware of their existence but also so your executor can consider if there are any implications for beneficiaries (e.g. your PayPal account may have a residual balance). Cyber assets may hold sentimental value to your loved ones (photo storage, memories of shared experiences, favourite play lists) and by allowing access to these accounts may be very important to them in their time of grief. However, when including cyber assets in your Will, it’s important to understand that each cyber asset will be subject to the underlying service provider’s terms of service regarding account access upon your passing, which may limit your executor’s legal authority to manage that cyber asset.

In light of the above, several service providers have developed varying protocols. As an example, Facebook allows you to:
  • Nominate a legacy contact. This is a Facebook friend who you choose to manage your account upon your passing. In this instance, your account will change to a ‘memorialised account’ and will have the word ‘Remembering’ next to your name. Your legacy contact will be able to do things like write a pinned post on your timeline (e.g. a final message on your behalf), respond to new friend requests, update your profile picture (and, cover photo), download a copy of what you have shared on Facebook and request the removal of your account.

As a starting point, make a list of your digital accounts and what you would like done with them in the event of your passing. Research the legacy protocols and consider any implications to your estate plan. We always recommend seeking professional advice from a qualified estate planning professional.

To find out more or to book a consultation get in touch HERE.

This information contained in this document has been provided as general advice only. The contents of this document have been prepared without taking account of your personal objectives, financial situation or needs. You should, before making any decision regarding any information, strategies or products mentioned in this document, consult with your GPS Wealth Ltd financial adviser to consider whether it is appropriate having regard to your own objectives, financial situation and needs