When it comes to preparation for death, we often limit our possessions to cars, houses, etc for estate planning purposes, but have you contemplated what will transpire to your social media accounts once you die?
The Financial value of a social media account :
The world as we have it today operates virtually and as a consequence of such, individuals choose to store their prized possessions on various digital platforms. These platforms include WhatsApp, emails, Twitter, LinkedIn, Facebook, etc.
The implication of such is that it poses a challenge to individuals delegated to wind up the estate in terms of accessing these prized possessions and shutting them down or allocating them to the chosen beneficiaries. Given the monetized social media Era we reside in, thousands and millions of Rands may be lost in the winding up process.
Why not create a Digital Estate Plan?
For individuals with social media accounts that generate revenue as well as sentimental value, the Law does give provision for you to establish a Digital Estate Plan, a plan which will encapsulate and constitute all your social media account details to ensure that they can be accessed/used or closed upon your death.
How to compile it?
Should you be concerned about who will manage and have control over your social media accounts, how your passwords will be accessed after your death, etc?
Our team of legal practitioners will be delighted to assist you in compiling and establishing such a plan. To ensure legality in terms of your wishes being executed in this context, this will be done in line with your Last Will and Testament, a Letter of Wishes/Codicil .
Send MCLC an email at info@manzankosiclc.co.za or send a WhatsApp on 081 712 1114 | 067 147 2323.
