Retirement
What will your digital footprint look like?
Social media accounts can survive their users, so the digital footprint we leave behind “should not be ignored”, an estate planner has said.
What will your digital footprint look like?
Social media accounts can survive their users, so the digital footprint we leave behind “should not be ignored”, an estate planner has said.
According to the national manager of estate planning at Australian Unity Trustees, Anna Hacker, the proliferation of social media usage among all generations means it’s increasingly important that Australians consider their accounts when making estate plans.
“Taking stock of and itemising the social media accounts of the deceased is difficult enough,” she said.
“Add to the mix the fact that these platforms tend to operate in offshore jurisdictions means there is no uniform treatment, and not a lot of local legislative guidance, on how to gain control of content and close down accounts.”
She said people rarely consider their social media accounts and digital presence when making a will, pointing to a recent finding in a Massachusetts Court last month.
The Ajemian v Yahoo! Inc. case saw the court decide that the legal representatives of the deceased email account holder could receive access to the deceased’s emails, despite the lack of a will or instructions.
To Ms Hacker, this case illustrates the lack of consideration for digital footprints.
“For close relatives and friends the real meaning of many of these social media platforms is the access to the photographs and images that are saved there,” she explained.
“It is often the case that the social media platform is the only place these images are stored, and once the account is closed, they can be lost forever.”
She explained that different social media are governed by different rules, so it’s good to have an understanding of their different treatments of deceased users’ accounts.
“Consideration of your social media accounts, and the ownership of your digital footprint content in them, should not be ignored when making a will,” she said, highlighting the different options offered by the most popular social media platforms.
Facebook allows for users to nominate a “legacy contact” who can then control what happens with the user’s account. “This takes in a simple account closure, to downloading content, to establishing a memorial site with pinned content,” she said.
Instagram can also memorialise or remove an account on a family member’s request.
However Twitter, “despite being one of the most popular platforms… doesn’t offer any legacy contingencies, although family members can request an account of a deceased person to be deactivated”.
As for the social media choice for professionals, LinkedIn doesn’t offer any memorialisation options, “it does provide functionality to request the removal of a user’s account”.
Speaking to Nest Egg in October, Ms Hacker said that another “big issue” is that people sometimes may be “horrified to find out who gets access”.
Your executor usually can take over your social media accounts if the [social media company’s policy] allows to take them over,” Ms Hacker said.
“When we raise this issue, often younger people will say: Oh yeah, I want my mum to be my executor but I don't want her to have any access to [my social media] so I'll appoint someone else who can manage it in a better way.”
Retirement Planning
Aged care funding falls short of ‘once-in-a-generation reform’
The “once-in-a-generation” reforms have fallen short of the measures required to fix the neglected sector, industry experts have said. ...Read more
Retirement Planning
Aged care increases announced, but are they enough?
The government has announced more than $17 billion in assistance to the underfunded aged care sector over five years. ...Read more
Retirement Planning
Majority of Australians worry about their retirement
The majority of Australians believe in raising the aged pension as well as lifting the rate of superannuation to 12 per cent as they worry about having enough in retirement, new research has revealed....Read more
Retirement Planning
1 in 2 Aussies feels unsure about their retirement
With the majority of Australians concerned about their financial future, a superannuation provider has shared six tips to help Australians take control of their retirement planning. ...Read more
Retirement Planning
5 tips for a financially healthy retirement
While it is never too early to start planning for your retirement, it is also never too late, with just five simple steps enough to make a big difference to your financial position and ensure you have...Read more
Retirement Planning
PM unveils $452m funding package following ‘harrowing review’
The federal government has announced that it will spend almost half a billion dollars on immediate measures to help overhaul the aged care sector following the release of the aged care royal commissio...Read more
Retirement Planning
Retirement time bomb requires complex thinking
The majority of Australia’s super assets now sit in the hands of retirees and pre-retirees, but many require more nuanced investment strategies to achieve the lifestyle they want in retirement, a ne...Read more
Retirement Planning
Why some Millennials are struggling to save for retirement
Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons? ...Read more
Has the property market reached its peak; Biden’s climate summit and our sharemarket, and the upcoming budget
Listen now
Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now
Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now
Raging floods, the tech stock bubble and the ongoing SG debate
Listen now
Retirement Planning
Aged care funding falls short of ‘once-in-a-generation reform’
The “once-in-a-generation” reforms have fallen short of the measures required to fix the neglected sector, industry experts have said. ...Read more
Retirement Planning
Aged care increases announced, but are they enough?
The government has announced more than $17 billion in assistance to the underfunded aged care sector over five years. ...Read more
Retirement Planning
Majority of Australians worry about their retirement
The majority of Australians believe in raising the aged pension as well as lifting the rate of superannuation to 12 per cent as they worry about having enough in retirement, new research has revealed....Read more
Retirement Planning
1 in 2 Aussies feels unsure about their retirement
With the majority of Australians concerned about their financial future, a superannuation provider has shared six tips to help Australians take control of their retirement planning. ...Read more
Retirement Planning
5 tips for a financially healthy retirement
While it is never too early to start planning for your retirement, it is also never too late, with just five simple steps enough to make a big difference to your financial position and ensure you have...Read more
Retirement Planning
PM unveils $452m funding package following ‘harrowing review’
The federal government has announced that it will spend almost half a billion dollars on immediate measures to help overhaul the aged care sector following the release of the aged care royal commissio...Read more
Retirement Planning
Retirement time bomb requires complex thinking
The majority of Australia’s super assets now sit in the hands of retirees and pre-retirees, but many require more nuanced investment strategies to achieve the lifestyle they want in retirement, a ne...Read more
Retirement Planning
Why some Millennials are struggling to save for retirement
Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons? ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
