Many of us have multiple social media accounts and partake in several forms of online financial transactions. Most of us don’t think about how these types of accounts are handled when it comes to incapacity or death.
It is vitally important that you find a safe and secure place to store user names and passwords for these accounts and that you inform your successor trustees where to locate the information so that these accounts can be addressed upon incapacity or death.
You might think that your family members can just notify the various social media companies and/or the financial institutions of your situation and obtain immediate access; however, unfortunately, this is not how it works.
Every company has their own rules and regulations on how to address these accounts and it will be up to your personal representative to work with the companies to gain access, manage, and close down the account.