What happens to your online world when you’re no longer around? Have you ever given thought to how your social media contacts will know what happened to you? Or how ongoing payments to regular creditors will be stopped?
Sometimes with estate planning, truly important things are left unsaid. Regrets about unspoken apologies or “I love yous” are well-known. But regrets about not leaving a list of passwords in a safe place, well these problems are just coming to the fore.
Facebook has recently made news by launching a “Legacy Contact” policy to take care of some of the problem. In the age of technology, “legacy” has new meaning. For Facebook, a “Legacy Contact” provision allows account holders to designate who will manage their accounts – just as an executor manages an estate. The difference here is that once an account holder appoints a “legacy contact” the appointee can access the account and carry out the wishes immediately for the decedent. But there is some fine print and no court supervision!
The designated appointee is subject to limits – but not as extensive as you may realize. Our next post will cover more of the specifics – but the good news is that when the “legacy contact” takes possession of the account, at the least funeral plans can be posted. And that is a great use of technology – when it comes to “legacy” issues.
Parker Press Inc. has provided this information concerning the subject matter covered, for educational purposes. Parker Press Inc. does not render legal or other professional advice, and information here is not a substitute for the advice of an attorney, nor does it constitute the rendering of legal or professional advice or services to a particular individual. If legal or other expert assistance is needed, the services of a qualified professional should be sought to address the specific needs in your situation.