Do you need an online Estate Plan? What happens to your Facebook, Myspace, Linkedin, Twitter accounts and profiles when you die or become incapacitated?
A recent Wall Street Journal Article suggests that everyone needs a separate plan to deal with online issues when you die or become incapacitated.
Among the issues for your heirs that the article identifies are what can happen to online accounts where you traditionally do not receive monthly statements as well as the status of various trendy online sites like the social networking site Facebook.
It points out that without the necessary login and password the person or persons trying to wrap up your affairs will have difficulty accessing the statements and information. Of course, I see no reason why a beneficiary could not be named for an online savings account, or why an online savings account could not be held by a trustee. But of course in either case it is going to require some time to gain access to the information the person requires.
And although we are always advised to have super secure, varied and frequently changed passwords for all of our accounts, which we are supposed to never share, this presents a problem upon your death or incapacity. The article suggests that you may want to share various logins and passwords with certain trusted people. Or you may want to divy up these logins and passwords and give them to several people.
Unfortunately, I do not think that this is a viable option as passwords are frequently changing as we forget them and are forced to reset them. Also in the social networking arena, the answer that the facebook spokesperson gave that they will place a site in memoriam but not give the personal representative access to the account to retrieve possible items of significant emotional value such as messages, pictures, notes etc. is rather unsettling. I am not sure what representatives from Myspace, Twitter, Linkedin, etc. would say.
To me the only solution is legislation on a federal level that would require these social networking sites to allow you to name a beneficiary or caretaker of sorts for your online persona. In the alternative, the profiles should be treated as pseudo intellectual property of the decedent or incapacitated person and should be under the control of their personal representative, be it an executor, administrator, or trustee of their revocable living trust. Imagine the battles that might be waged when a celebrity with a significant social networking presence dies or becomes incapacitated if nothing is done to standardize the solutions.
As the population ages this will become more and more of an issue.
ABOUT CHRISTOPHER R. TWINING
Christopher R. Twining, Attorney at Law, based in the Westwood Neighborhood of Los Angeles is an innovative estate planning, probate & trust administration, and elder law attorney, who offers in home services for busy and movement challenged clients. The Law Office of Christopher R. Twining serves the cities of Los Angeles, Santa Monica, Culver City, Beverly Hills, West Hollywood, Pasadena, Burbank and the neighborhoods of West Los Angeles, Westwood, Brentwood, Bel-Air, Pacific Palisades, Palms, Pico-Robertson and Encino. Dedicated to helping individuals and couples prepare comprehensive estate plans according to their wishes; he offers them these services at an affordable price, in the relaxed comfort of their homes. For more information about his services, please visit http://www.twininglaw.com or call (310) 492-5990.
CHRISTOPHER R. TWINING
LAW OFFICES OF CHRISTOPHER R. TWINING
1440 VETERAN AVENUE, SUITE 509
LOS ANGELES, CALIFORNIA 90024
(310) 492-5990 Fax (310) 775 - 9774
http://www.twininglaw.com
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