Wills, trusts and the cyber world!

[MandysMom]

Just learned a long time member of another group I've been in for well over 20 years has died rather suddenly. Thankfully her daughters were able to get on her Facebook page amd let us know. When Mel was deep in his cancer battle, I felt compelled to update our wills and consult with an attorney. Mel did not want to- who wants to face their own mortality? So I dragged him, and ended up correct, getting it all done, signed, notarized and in a binder, brought us both peace and ability to focus without worry, on the day to day. A very important thing our attorney pointed out and made sure was done and complete, was a special Cyber will. It outlines our executors right to access any and all online accounts and data. Without that, a company, such as Facebook, may require copies of will , a judges order or action on settlng will, etc to give the executor the right to alter, lock, or close an account of any type , be it Facebook or other. I highly recommend you have your attorney for your will add the document for all things cyber to your will. If they say, oh you don't need it, find a new attorney, as I've read just recently, not all attorneys, ESP older ones, even realize how critical this could become in protecting your estate, be it small or large. It's simply a good tool to have in effect and if part of your trust, does not mean kids can step in and just take over, as it requires either your death or a court order of your incompacitation to execute the provisions. It was not easy sitting contemplating that day, but I know it's all in order for my son, when that day comes.
Velda

[avalen]

Thank you for that info, I really need to do this.

[Redetotry]

We have an appointment this week to update our will so I Googled 'Cyber Will" and found no information. I found Cyber Security insurance but nothing about allowing someone to access accounts etc. Could you post a link please?

[gypsyrose1126]

Velda, thanks for the information. I do have a revocable trust in place, but nothing about cyber in it. I will have it updated.
Just a note to those who don't want to bother with will, trust etc. My sister died 2 years ago without a will, even tho she had been ill with cancer for 5 years. Her husband died 2 months later, without a will. Over 2 years later the kids and their attorney are still trying to get it all settled! What a mess!

[SoCalGalcas]

Thanks Velda, good information. I’ve talked to my kids several times about my last wishes. I don’t mind talking about my death as I know it is going to happen sooner or later. I’ve had a great life. Lyn

[Acadianmom]

I wasn't friends on Facebook with my older son because I wanted to respect his privacy. When he died I had to get one of his friends to post the information for me so his friends would know. I'm friends on Facebook with my other son. I just hope all the junk he posts doesn't show on my Facebook.

I have all my usernames and passwords written down in case someone needs to access something. I do very little financial things online. Thank goodness Harold and I kept our wills up to date. The only thing I had a problem with was a mutual fund that was in his name only. Because they wouldn't just change the name on the account it got reported as income.

Martha

[Colliemom]

I have a will and all my affairs in order, but I have not heard about that. But my question is, who is going to question who is closing that account. I can go in there and close that account myself and they won’t say anything. How do they know if it’s me or somebody else. Personal representative who is legally authorized to act in your name and take care of your final business has the authority to do these things.

I looked up to see what a Cyber Will per se, was all about and I can’t even find it online anywhere.

[MandysMom]

Sue, easy question- your account is identified by your specific location and device ID projected by your devices. If they happen to try signing in with the correct password and user but using their own device, not coming from your specific location, it will be immediately tagged by the company they are attempting to use. Example, I can't sign on using Mel's info, even in the same house unless I can use the exact phone or tablet he used as that ID is in their system. Talk to your lawyer about the why. Not only did my lawyer say it was absolutely necessary these days but I've since read it in articles that say same thing.
Velda