Estate planning is taking on an entire new meaning in the digital era.
Kevin Ruth, head of wealth planning and personal trust at Fidelity Investments, urges consumers to have a plan for what happens to social media accounts like Facebook (FB – Get Report) and Twitter (TWTR – Get Report) upon one’s death.
It’s important for dependents to be able to access passwords to these accounts to prevent future identity theft, Ruth noted.
The days of pointing to a file cabinet and telling your loved ones “everything is there when the time comes” are fading fast. In today’s world of technology, digital assets are becoming a more important part of a person’s estate. If these assets are not included in an estate plan, grieving survivors can be left without access to loved one’s online accounts.
Kevin Ruth is head of wealth planning and personal trust at Fidelity Investments. The company often fields questions from customers wondering how they should incorporate digital assets, such as social media accounts and cryptocurrencies, into their estate planning. Ruth talks with Providence Business news about this issue, why it matters and how folks should be thinking about it.
Cryptocurrency investors who are preoccupied with the ever-changing value of their virtual fortunes—particularly after bitcoin’s 28% drop in January—may be forgetting to ensure that this wealth can be passed down to their children and grandchildren.