Even if digital assets, such as Facebook or Twitter accounts, don't have an economic value, it certainly has value in an emotional sense, says retired Superior Court Judge Eugene Hyman of Santa Clara, California. Because of the huge number of passwords involved online, he says there needs to be something in an estate plan regarding these passwords and access to online accounts.
Hyman says that having this in an estate plan, allows someone, hypothetically, to go to Facebook that they inherited, giving them the authority to deal with it and shut it down or make changes.
One needs to have in their estate plan something that talks about ownership of these accounts but not only in changing it and updating it but also who will profit from it, says Hyman.
Honorable Judge Eugene Hyman has received numerous awards and recognition for his work with families and children and has appeared on numerous television news shows. For more information, visit www.judgehyman.com. He is also a featured commentator on The Family Law Channel and The Legal Broadcast Network. For more information on the article in the Wall Street Journal, click here.