If you have an active presence on Facebook, Twitter, Reddit or any other social media platform, you are certainly far from alone. In fact, according to the Pew Research Center, more than 70% of Americans use social media.
Whether you use social media for business or pleasure, your online activities may be more meaningful than you think. Your social media accounts are also digital assets you own. Consequently, like with other assets, your social media should probably have a place in your comprehensive estate plan.
An easier transition
When you die, you may not want your online profiles and social media platforms to remain active. Alternatively, you may want your accounts to serve as an online memorial or archive. Either way, by including your social media in your estate plan, you make matters easier for your executor. That is, you grant your executor authority to manage or shut down your accounts pursuant to your instructions.
An economic boost
If you are internet-famous, your YouTube, Twitch, Instagram or other accounts may generate considerable revenue. Cash may, of course, continue to flow in long after your death. If you want your relatives or friends to benefit from these funds, it is advisable to include your social media in your estate plan. Otherwise, after your death, you may lose control over what happens to the profits from your past online activities.
Good estate plans include all assets. Ultimately, by giving your social media a place in your overall estate plan, you remove any doubts about your intentions.