Online Life after Death

What will happen to your online accounts when you pass away?

Although you may not think you have a significant online presence, a majority of today’s seniors have online accounts. According to the Pew Research Center, 59% of those aged 65 or older report that they use the Internet, and 71% of those seniors go online every day or almost every day. When you pass away, your online accounts covering everything from banking and government benefits to medical care and social media will go unmanaged unless you make plans for their care now.

A good place to begin managing your online life is by taking note of every online account you have. Consider if you have any of the following online accounts:

·      Insurance (Health, Auto, Home)

·      Investments (E-Trade, Fidelity, TD Ameritrade, Vanguard)

·      Social Media (Facebook, Twitter, LinkedIn, Flickr, Instagram, Google+)

·      Entertainment (Netflix, Hulu, Comcast)

·      Cell Phone (Sprint, Verizon, T-Mobile, AT&T)

·      E-Commerce (eBay, Amazon, Google, Groupon)

·      Online Payment System (PayPal, Apple Pay, Google Wallet)

·      Dating (eHarmony)

·      Utilities (Water, Gas, Electric)

·      Wi-Fi/Internet (AT&T, Comcast, Verizon)

·      Bank Accounts (Chase, Wells Fargo, Bank of America)

Once you’ve made a comprehensive list of your accounts, organize them by the importance and priority of the account. Think about what will happen to each of your online accounts if they remain open and unmanaged. Could your online accounts:

·      Waste your money through automatic subscription fees or payments?

·      Default and leave unpaid your financial obligations?

·      Terminate or shut-off an important service by non-payment, like heat utilities in the winter, potentially causing frozen pipes?

·      Obscure online funds, insurance, or education savings accounts so that your savings go undetected?

·      Drag your family through probate court if an account is not planned for?

·      Lead to posthumous theft of your identity?

It’s important to read through and understand each of your online account’s policies to determine if it has terms for dealing with your beneficiaries after your passing. Each and every online account company has a different policy that deals with an account should the user pass away. For example, Facebook has a policy that allows its users to setup their account so that it will either be “memorialized” or deleted when the user passes away.

Online financial accounts are of particular importance when managing your online life since you do not want your money to travel through probate, an expensive and time-consuming, public court process. Most probate problems can be avoided, however, by setting up a beneficiary or payable-on-death to your financial accounts. This person will have the ability to claim your account and any money left in it when you pass away. Typically this can be set up with the company online in your account settings, but if you are unable to find the options you need in account settings, you will want to contact the company directly.

Most major accounts can and should be closed or deleted upon your death. Doing so will ensure your identity will not be stolen and your assets depleted. As a safeguard, leave a secure list of your accounts and login information with someone you trust and instruct them on how to care for your accounts when you pass.

To ensure that your loved ones do not suffer the consequences of your disorderly online life, call us to request a free “Letter of Instructions for Online Accounts” to assist you and your executors in managing your online accounts.

For more information, contact Attorney Rustin Diehl at Allegis Law, 801-938-4035.

By Rustin Diehl