Estate Planning – Include your Facebook and other digital assets by Christopher Burgess
The financial news and information website, Main Street (www.mainstreet.com) recently shared a piece, “Why Your Estate Planning Should Include Your Facebook Page As Well” where they discussed the need to ensure your digital assets are part of your estate plans.
You know all of those accounts you access regularly online? They’re just as much a part of your estate as anything you speak with a bank teller or financial planner about.
Ensuring those who follow you, be they family or executor, know of the existence of your digital assets is a key use case for Red Folder. While end of life planning is not the most comfortable topic, we have included a few example screen shots below of how one might share their entries for – LinkedIn, Facebook, Twitter, Domains and Blogs within their Red Folder.
As discussed in the referenced article, ensuring the ability of your designee to take action should the Red Folder account holder become incapacitated or pass away, keeps the control of our digital assets in the hands of those you trust.
A key Red Folder feature is the Designee & Time Lock* which, by design, ensures your designated trusted individual (designee) can immediately act as your proxy and assist you in time of need.
*preliminary patent filed with the USPTO.
We have provided an example of the Facebook Account Instructions field for John R. Folder’s account:
- If I am incapacitated (and will be returning to post again): Post the following: “I’m taking a break and going off line for a while, I’ll be back when the batteries are recharged” – don’t respond to any comments.
- If I am incapacitated (and won’t be returning to post again): “Unfortunately I am unable to continue on Facebook – my dementia/accident/whatever – has made it impossible. I thank you all for the personal and virtual friendship over the years.” Then copy all the photos and videos from the Facebook account onto a hard drive and give them to your Mom – if Mom isn’t with us or unavailable, distribute/share amongst yourselves.
- If I am dead: Please post: “Today I began my journey to the next level. I thank each and every one of you for the many kindnesses over the years. When we next meet, I’ll be holding a libation for us at the pearly gates. Enjoy life! Red.” — Then copy all the photos and videos from the Facebook account onto a hard drive per above. After six months, delete the account.