Wednesday, September 12, 2012

Digital Assets (Heavy Sigh Version)

At the risk of beating the dead horse about digital assets, some articles need to be mocked.  This recent WSJ article deserves derision for making a simple topic - how to access on-line accounts of a deceased person - stupidly complex. 

Suggestions include the creation of a social media will with a review of each web site's policies, the nomination of a digital or social media executor, and creation of digital asset trust to avoid those assets going through the probate process.  My responses to these ideas, in order are:  a standard will suffices, the executor should be able to address on-line issues and if he can not he should not be the executor dealing with assets with a monetary value, and only an idiot would list a digital account as a probate asset to be disposed of.  I suspect that some people think that there is money to be made from that idiot by selling him a trust that he does not need. 

My advice remains creating a list of passwords accessible at death by the executor.  Simple is better and often times less expensive.