Are you addressing your digital assets when planning your Walworth County estate? Digital assets do not solely affect younger generations, they affect all generations. Now that our digital world involves social media, emails, online investing, cloud storage, and more, you must address what will happen to your digital assets after your death.
What Are The Various Types of Digital Assets?
In general, digital assets consist of any type of information stored online, in the cloud, or on a person’s computer, phone, or server. Samples of digital assets are: emails (Outlook, Hotmail, Gmail), online investing information (E*Trade), online financial information, online bank accounts, online bill payment accounts (PayPal), social media profiles (Facebook, Twitter, Instagram), online photos, online videos, blogs, websites, domain names, online video game accounts, avatars, medical and prescription information (Patient Portals, Walgreens), all files storage on your computer, your smartphone data (address book, contacts, photos), etc. Some people may have digital assets with a monetary value, such as online businesses, photographers, authors, etc. Your digital property and memories will be lost if family members are unable to retrieve and access your data.
Why Must I Protect and Plan for My Walworth County Digital Estate?
Traditionally, financial information and bills are sorted at the deceased’s estate. In today’s day and age, many people pay bills online, through the creditor website or through their bank’s online bill pay program. With so many companies going paperless, all of your estate assets and debts may be inaccessible strictly through a paper trail.
If you have a social media profile, such as on Facebook, what will happen to your profile? You must leave specific instructions and login information for family if you want a say in what happens to your Facebook profile. If you do nothing, family may argue about whether to leave your page as a memorial or to delete it. There may be strong feelings attached to these options. If no one has your login information after your death, your family must contact Facebook to have your profile either removed or memorialized. Which would you prefer? Which would your family prefer?
Lastly, many states do not have laws enacted to protect digital assets after your death. Who will own this information? Your photos, videos, and family recipes are at risk. Is the information transferable?
The fact is that Wisconsin is not keeping up with how digital assets are handled in an estate after a death. This will create stress, arguments, confusion, and possible extra expenses for your living family. Your first step is to prepare a list of all your digital assets and login information. Contact our Walworth County estate planning attorney to ensure the Personal Representative of your Last Will & Testament is given the proper information and instructions to manage your digital assets. You can contact our Walworth County estate planning attorney via phone at 262-725-0175 and via email on our website’s contact page. Wynn at Law, LLC has estate planning offices located in Delavan, Salem, Lake Geneva, and Muskego.
In our exploding digital world, it’s essential to help clients plan for both their real-life and digital estates.
There are many questions involved: Who’s in charge when it comes to digital property? Who wants to approach a widow who is grieving about taking down the deceased’s account? Do family members have the right to access their loved one’s account after a death? Would the individual who has passed want family members to access their content, or to have the account removed? Is it possible to commemorate the person by memorializing the accounts?
These conversations can go well beyond the topic of social media. It’s important to consider all the digital assets of the deceased, including email accounts and websites for online bill paying, retail accounts such as PayPal and photo sharing accounts. These sites contain sensitive personal information and financial data that could pose privacy concerns if left unattended indefinitely.
Here are some pointers to pass along to clients and their families, and tips for you to consider for your own planning needs.
First, consider the key questions to ask your clients:
What social media platforms do you use?
What are your passwords?
What would you like to happen to these accounts after you die?
Document the Stated Goals. And, if applicable, share these with the client’s attorney or whomever your client names as their “digital executor.”
Leverage Technology. There are many client portals available today to house important client documents.
Provide Legal Documentation. When individuals pass suddenly, or if they haven’t outlined their wishes for terminating a social media account, each of the major social media channels will typically request legal documentation in order to begin the closure process (check out this helpful infographic from Mashable).
DELETING DIGITAL ASSETS
However, this is a very new area, and each of these sites is in its infancy in terms of putting together policies. We have heard heartbreaking stories of people who put all their photos on Facebook and haven’t provided anyone with a password. Upon their passing, Facebook was not able to give the family access to the account, and all the photos were lost.
Here’s a quick rundown of what is required by the most popular networking sites when discontinuing a social media account:
Facebook: Facebook has two options for what to do with a deceased family member’s account.
Memorializing a profile. This feature allows the account to be viewed but not edited (with the exception of a legacy contact allowed to make one final post, usually regarding funeral arrangements, etc.)
Terminating an account. An individual can deactivate a profile by completing a Special Request for Deceased Person’s Account; it is necessary to provide your relationship as well as a copy of the deceased person’s death certificate, birth certificate or proof of authority for the family member handling the deactivation.
LinkedIn: There are two options to handle a deceased person’s account.
Who can do it: In LinkedIn’s case, it can be any one of the following: immediate family (spouse, parent, sibling, child), extended family (grandparent, aunt, uncle, cousin) or non-family (friend, co-worker, classmate).
What is needed: Fax copies of the death certificate and your government-issued ID (such as a driver’s license), along with a signed, notarized statement and either a link to an online obituary or a copy of the obituary from a local paper.
Who can do it: A verified immediate family member of the deceased or a person authorized to act on behalf of the estate.
YouTube: As YouTube is affiliated with Google, you must reference the policies on Google’s site. It provides for a number of options, including closing the account and requesting funds from the account.
Who can do it: Immediate family members and representatives.
Keep in mind that social media accounts often change their policies, and it’s important to revisit procedures even after you’ve had a conversation about terminating an account.
You might wonder if discussing social media with your clients should actually be part of your role as a financial advisor. I believe this is a major planning need for your clients, and one they may not be thinking about. As an advisor, your role in these sensitive conversations about a little-understood space is a key one – and may help you to stand out from the competition.
I believe it will eventually become commonplace to discuss social media and a client’s digital footprint when preparing long-term financial plans and wills. Right now, most people don’t know where to start.
And one thing is certain — no one wants to put their loved ones in the awkward position of having to decide what to do with their accounts during the difficult period following a death.
Amy Sitnick is the social media contributor for Practically Speaking and also serves as a Senior Marketing Manager for the SEI Advisor Network.
Let us ask you two questions: do you have any social media account? Have you named your Facebook / Twitter / LinkedIn heir yet? If the answer to the last question is no, you might be interested in reading more. Obviously, we do not want you to be thinking of your death for the 2 minutes that will take you to read this blog, but this is something that will happen to us all.
Digital assets must be included in people’s wills with the instructions that the executors should carry out after a person has passed away.
How to treat digital assets?
Social Media accounts
Some of the social media platforms include in their terms and conditions the possibility to say how this specific asset will be dealt with after a person’s death or when there has been no activity in the account for a certain period of time.
Photos and videos online
Generally, these assets will only have sentimental value so they can be left to family and friends as a gift of personal possession.
This, obviously, is different if such photos or videos have any monetary value.
There are some rules for certain social media platforms. For example, Twitter removes images of a deceased person in restricted circumstances.
Emails or the information stored in them
Here some people might have information that could cause distress to their loved ones after their death. This information should be deleted in lifetime.
People who own businesses should carefully handle how the emails will be accessed after death. Although this can lead in a more in depth discussion relating to business succession plans.
Intellectual property online
It should be treated identically to paper records and it covers everything from blogs to domain names, gaming avatars, online books.
This is a short guide on how to treat your digital assets. Should you need more information, you can contact our expert team of solicitors dealing with wills. They can guide you on what to do with your online assets with advice tailored to your own circumstances and needs.
Entrusting your money to a bank once seemed strange and risky. Similarly, entrusting all of your data to a company and letting its algorithms build a detailed model of you from it might seem to be an odd or even dangerous idea, but we’ll all soon take it for granted.
A decade from now, your personal model will be more indispensable than your smartphone, and the company that provides it may well be the world’s first trillion-dollar business. So it is time to start getting acquainted with our digital alter egos—and what they’ll mean for our lives.
Today, several different companies gather information about you and use machine-learning algorithms—computer programs that build models from data—to predict what you may want to buy and figure out how to sell stuff to you.
Privacy concerns aside, this poses two problems. First, companies have a conflict of interest: They want to serve you, but they also want to make money.
For example, Google predicts how likely you are to click on an ad to show you the most profitable ones. The choice also depends on the advertisers’ bids, but you’d probably rather just see the ads most relevant to you. Google co-founder Sergey Brin says that Google wants to be the third half of your brain, but nobody wants part of their brain constantly trying to show them ads.
The second problem is that a model of you derived from fragments of your data—Google’s model based on your searches, Amazon’s from your purchases and so on—can only ever have a very limited understanding of who you are and what you want. A single model assembled from all the data you’ve ever produced would be much more accurate: The more data, the better the model. For privacy reasons, you’d want the data and the model under your control, not a third party’s.
Soon enough, facing the fog of life without a good model to guide you will seem unendurable.
To solve both of these problems, we need a new kind of company that is to your data like your bank is to your money—storing it, keeping it safe and investing it on your behalf. For a subscription fee, such a firm would record your every interaction with the digital world, build and maintain a 360-degree model of you, and use it to negotiate with other people’s models.
No major technical obstacles would prevent doing this: The main requirement would be routing your interactions through what’s called a proxy server. If all your interactions with the digital world—through your smartphone, desktop computer or any other device—pass through a “middleman” computer in the cloud en route to their destination, the middleman can record them all.
The companies that now offer to consolidate all your data somewhere in the cloud are forerunners of tomorrow’s personal databanks. Once a firm has your data in one place, it can create a complete model of you using one of the major machine-learning techniques: inducing rules, mimicking the way neurons in the brain learn, simulating evolution, probabilistically weighing the evidence for different hypotheses or reasoning by analogy. Then you can go to town with your model, which you’d own and control like you do your money, rather than letting companies such as Apple, Google and Facebook FB -3.77 % fight for control of it.
With this in mind, here’s a future suggestion for LinkedIn: Add a “Find Me a Job” button. When you click it, your digital model would “interview” instantly for all the open positions that match your specifications, interacting at high speed with human-resources departments’ recruiting models. LinkedIn could then return a list of the most promising jobs for you.
While one copy of your model is doing this, another online alter ego could be looking for a car for you, exhaustively researching the options and haggling with the auto-dealer bots so you don’t have to.
At any moment, millions of copies of your model could roam the Internet, doing all the things you’d do if only you had the time. From these, your model selects the best few options for you to choose—then learns from what you decided, making the model more accurate the next time around.
To offset organizations’ data-gathering advantages, like-minded individuals will pool the data in their banks and use the models learned from that information.
As the models improve, their interactions will become increasingly like real-world ones—just millions of times faster and in silicon. Your model will go on a thousand digital dates with each of a thousand possible spouses and rank them by how well the dates went.
Tomorrow’s cyberspace will be a society of models, a vast parallel world that selects only the most promising things to try out in the real one—the new, global subconscious of the human race.
This will all probably happen in years, not decades. Apple’s Siri, Microsoft MSFT -0.90 % ’s Cortana and Google Now all include efforts to build complete models of you from the data captured by your smartphone, and they’re making rapid progress. Like a personal assistant, they try to help you accomplish your daily tasks, either in response to your commands (Siri) or on their own (Google Now). But to do that, they need to understand you, and they’ll use any data they can to do so—from the smartphone’s sensors to your emails and calendar.
The Web pages you see every day are already the result of complex interactions among the models that content providers, advertising networks and advertisers are deriving. Learning algorithms trade against one another in the stock market. Last May, a Hong Kong venture fund named Deep Knowledge Ventures appointed an algorithm to its board, voting on investment decisions alongside the five human directors, according to Business Insider.
Today’s models don’t yet interact with us: You can’t tell them they’re wrong or ask them questions. Machine-learning algorithms are black boxes that only computer scientists can open up. But that will change as more of us realize how important machine learning is and demand a say in how it occurs.
Eventually, your model will be like your best friend, but with infinitely more patience. What will you ask it? You might not like some of its answers, but that would be all the more reason to ponder them. Your model—your digital half—might even help you become a better person.
—Dr. Domingos is a professor of computer science at the University of Washington and the author of “The Master Algorithm: How the Quest for the Ultimate Learning Machine Will Remake Our World” (Basic Books).
In our increasingly digital world, we are facing new questions about what to do with our social media, websites and Internet applications when we’re gone. As Internet companies refine their rules and policies, and legislatures enact new statutes, there are a growing number of alternatives as to our “digital legacy”. While much of this will be handled by individuals outside of the formal estate planning realm, some clients will also choose to incorporate related terms into their estate planning documents. We in the legal profession stand ready to accommodate in this regard.
Social media and other prominent websites are paying more attention to what happens to a user’s account when he or she dies. Service providers are establishing more detailed policies and procedures. New legislation has even been enacted.
As social media plays a bigger role in the lives of a growing number of people, companies like Facebook and Google are starting to respond to the important, but often sensitive and difficult, aspect of user legacy. In this very new and rapidly developing arena, applicable law is very sparse. As a result, companies are often making up their own rules.
This is not a significant part of the formal estate planning process that clients typically discuss with their estate planning attorneys. Rarely are provisions about digital assets included in estate planning documents, such as Wills or Living Trusts. Nevertheless: a) clients have the option of having such provisions included in their documents; and b) clients will undoubtedly choose to do so more often in the future. Mostly, Internet users who are “planners” will become familiar with the post-death procedures that apply to social media and other forms of their online identity. Then, they will submit the required forms to ensure that their post-death wishes are followed.
Internet services are grappling with tough questions and trying to determine the right balance between respecting a user’s privacy and being responsive to the wishes and requests of grieving loved ones. Google was among the early major Internet companies to deal with digital afterlife matters. They enabled users to choose “digital heirs” for various Internet services including Gmail and cloud storage. These digital heirs were labeled “inactive account managers”.
Facebook also made a recent, high profile splash by changing its long-time policy of simply freezing the account of a deceased user, leaving up the decedent’s posts and pictures, and maintaining the privacy setting that the decedent had established – a process Facebook called “memorialization”. Facebook announced that users may now designate a “legacy contact” – a person the user chooses to manage certain parts of a deceased user’s account posthumously. Alternatively, members can choose to have their Facebook presence deleted entirely once they have died.
Facebook legacy contacts can turn a deceased person’s Facebook page into what some people refer to as a “digital gravestone”. They are able to display posts with a memorialized profile picture, and can even respond to new friend requests on behalf of the deceased user. Many other options are available to the legacy contact as long as the deceased user granted prior permission for such options.
Fortunately, in lieu of a user designating a legacy contact, the user may designate a “digital heir” in his or her Will, and Facebook will honor that Will provision.
It may be a bit mind-boggling that, beyond your existing “to do” list (that’s probably quite long as it is), you now have to think about who you want in charge of your social media accounts and Internet activity after you die. The good news is that now you at least have more of a choice about the legacy you want for your digital assets – just like the myriad choices you have about creating a legacy for your conventional assets in your estate planning documents.
State law will undoubtedly develop rapidly in the area of succession, management and privacy as they relate to digital assets. Delaware recently passed legislation known as “Fiduciary Access to Digital Assets and Digital Accounts Act” and about a dozen states are considering enacting a similar law. Evidently, this legislation was a response to the policy of many large Internet companies who have played things safe by heavily restricting access to a decedent’s online accounts. Under the new Delaware law, unless a decedent instructed otherwise, online accounts are accessible by an Executor without their needing to spend the considerable time, effort and money to obtain a court order.
While this Delaware law may seem perfectly logical and appropriate, it is somewhat controversial. A significant number of people and Internet companies insist that the law grants power to Executors that is too broad and violates both the decedent’s privacy rights and existing federal privacy law.
Stay tuned for new legal developments in this interesting area. Meanwhile, give some thought to how you may want your digital assets handled… just don’t neglect to establish or review and update your traditional legacy (estate) planning as well!
This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.