I just read an article which talks about the need to leave information about your online accounts so your heirs will know what they have to deal with after you die. It’s well worth reading for the information it provides. What it doesn’t tell you is exactly what you have to do to close out or memorialize those accounts. Grave Robbers, our book about how to prevent identity theft of the deceased, does. In addition, there’s information on our site about how to handle the most popular digital sites.
Tag Archives: Digital assets
Who Owns Your Digital Assets When You Die
Digital assets are making dying even more complicated. As more and more of our life is portrayed in a digital form, a key question is evolving in the legal community: “Who Owns Your Digital Assets When You Die?”
The New York Times posted an interesting article regarding your digital assets, “Cyperspace When You Are Dead.”
Today, there are no common policies or laws covering the disposition of your digital assets when you die. In fact, each Internet Service Provider sets their own policy. Google is different than Facebook. Facebook is different than Yahoo. In some instances, businesses may find they can’t get access to hosted accounts because someone doesn’t leave behind their passwords. You can find out the policies regarding your digital assets at Google, Facebook, Twitter, Yahoo, Comcast, etc. at diesmart.com.
Personal property schedule: Why is it important?
KATHY: LOT OF OVERLAP WITH PERSONAL PROPERTY: DOCUMENT WHAT YOU OWN. ALSO, NOT FINISHED.
A recent article in USA Today stated that unclaimed property is now the third largest source of revenue for state government. States are holding $33 billion of unclaimed property. Why? Because someone forgot they owned it or they died without telling someone else they owned it.
Pay attention! Your personal property and your digital assets are not governed by state law and do not have automatic inheritance rights. Unlike your real estate or your bank accounts, there are no default laws defining who inherits this property or has rights to this property. Documenting what you own and what you owe is imperative.
It is equally important to document how to access your electronic financial records or other digital assets. Many of us routinely store personal and financial information on a computer or on a hosted web site. Some of us don’t even keep paper records. Unless you tell someone how to access this information, they may not be able to do so.
Q. WHY DO BANKS REPORT MONEY IN YOUR BANK ACCOUNT AS AN UNCLAIMED ASSET?
Q. WHO HAS RIGHTS TO YOUR DIGITAL ASSETS WHEN YOU DIE?
Q. WHO WILL INHERIT AUNT ELEANOR’S PIE PLATE?
Q. WHERE SHOULD YOU STORE YOUR LEGAL DOCUMENTS?