Your Will and Your Social Media Accounts
If you have Social Media Accounts, you may need to update your Will….
It is currently estimated that 80% of Australians have a social media account. These social media accounts for 33% of the total time we spend online. It’s an average of two hours and 24 minutes per day!
Our social media accounts contain so much information about us. This includes content such as articles, photos music. This “content” becomes our digital assets. Just as we use our Will to deal with our other assets we also need to plan what will happen to our digital assets when we die.
The ownership of our digital data is often scattered across several platforms. The law is clear about protection of our physical assets. However it is not so straightforward for digital assets. In some cases, the default position is that the social media companies have control. This means that they can decide what happens with those assets regardless of our wishes.
You can help your executors take control of your digital assets. You can let them know the location of the assets (site). You can provide access to usernames and passwords. You can also provide instructions as to what content should destroyed and what should be kept. Further instructions can be given on how kept content is handled.
We also recommend that you take some time to check the terms and conditions of the various providers. Each one will have their own process. For example, some providers require you to nominate a new account administrator.
Not planning for what happens to your social media accounts can cause problems. And it can also result in undesirable outcomes for your loved ones.
Is it time to update your Will? If your Will does not taken into account your digital assets, please get it updated. It’s an easy process that can prevent a lot f problems. And we would happy to assist you with this.