How various account providers handle your inheritance wishes.
Our digital asset wealth is growing at an incredible rate. The average user has 7 social media accounts, access to online banking and shopping, and an astonishing 90 online accounts which require a password. That’s a lot of information to remember — and a lot for your executor to sort through as part of your inheritance wishes.
The majority of online accounts will detail their ‘death of user’ policies in the terms and conditions agreed to on account creation. Here are some of the ways the most popular online accounts handle the death of an account user.
Social Media Accounts
There are three options for Facebook accounts — you can choose to have the page memorialized for family and friends, have the page permanently deleted, or implement a ‘legacy contact’ who can manage the page after death.
Twitter customer service won’t provide login details for anyone but has previously allowed users with login information for the account to continue posting after the account holder’s death. The only other option is account deactivation.
After death, users have the option to have their account memorialized so that images and videos are not lost. The account will also be disabled to prevent hacking.
For both Premium and Basic users, the only option after death is to have the account closed.
Google-owned Accounts
YouTube
Under certain conditions, account access will be granted to a third party after the account holder’s death. Otherwise, the account can be closed after verification of death has been provided.
Google Account
An account user can select an ‘inactive account manager’ to whom ownership and control of the inactive account will be transferred after death. The executor can have the account closed, which will also close all additional Google-owned accounts associated with that user.
Financial & Data Accounts
PayPal
PayPal has a thorough process that an executor must go through in order to close the account and release any funds held there. Contact details and documents are required, and once reviewed and confirmed, any remaining funds can be released.
iTunes and iCloud
Any purchased media — albums, movies, books, etc. — are nontransferable as the content is not owned by the account holder. An Apple ID can be closed after death, a process which requires paperwork including a copy of the death certificate.
Implementing Inheritance Wishes is Essential
These are just some accounts you may want to be handled after your death — and with so many others you may have, it is imperative to detail your wishes explicitly. Naming a Digital Asset Executor, writing a will, creating a protected document with your account information — these are necessary steps to take to ensure your accounts are taken care of in accordance with your wishes.
At Preta, we understand that digital asset laws are still evolving. We are here to help guide you through the process of establishing the right inheritance plan to suit you — making sure that your digital assets are protected and your accounts are managed in your best interest.