In this modern social media age a large number of people have developed online identities. This article discusses the issue of “cyber intestacy,” which is the failure of a person to plan for their online presence after death. It is a good idea for advisers to ask their clients if their wills contain digital asset clauses. Clients should take an inventory of all the digital assets that they own. It is a good idea for people to plan ahead so that family members do not get stuck in a bad situation of trying to access their digital accounts. “Automatic bill payments and good-until-cancelled orders continue after death, while electronic bills may go unpaid, and heirs may struggle to access photographs.” Digital asset planning can help clients maintain control over their digital legacy.
See Anne Tergesen, Wealth Adviser Daily Briefing: Help Clients Avoid ‘Cyber Intestacy,’ The Wall Street Journal, April 26, 2016.
