Making sense of online assets

Even the most technology-averse among us has some level of online presence, so it’s clear why you may want to add online assets to your estate plan. But what’s less clear are the various policies of all the different companies holding your information online.

Here’s a quick run-down of how some of the most popular online account providers deal with the death of users.

PayPal: To close an account and deal with a leftover balance, an executor needs: his ID; a cover sheet stating the account must be closed; a copy of the user’s death certificate; a copy of legal documents or the will; and a letter specifying how remaining funds should be dealt with.

Second Life: Gamers can amass assets within their accounts, such as virtual real estate and currency called Linden dollars. They can transfer these assets to another user if they arrange it within a will or legal document prior to death. But while Linden dollars can be bought or sold on the game’s internal exchange, they can’t be exchanged for real funds. The U.S. Treasury is examining how to classify and regulate virtual currencies.

Google: The company introduced an estate-planning tool called Inactive Account Manager this year. It allows clients to direct how emails, videos and other property should be dealt with if their accounts become inactive for a set period of time, which they have the power to choose.

Microsoft Hotmail: The Microsoft Next of Kin process allows for the release of Hotmail contents, including all emails and attachments, address books and contact lists if a user is deceased or incapacitated. Executors can also close accounts.

Facebook: Profiles can be closed or memorialized if the executor emails the social network with the deceased relative’s Facebook URL and email ID, along with proof of death. Facebook adds, “We’re only able to consider requests for account contents of a deceased person from an authorized representative. The application to obtain account content is a lengthy process and…requires…a court order.”

Twitter: The site digitalizes users’ public tweets, hands them over to a beneficiary and closes accounts upon death. Executors must fax or mail the client’s account username, a copy of his death certificate, the executor’s government-issued ID, and a notarized statement requesting deactivation.

LinkedIn: A death verification form has to be filled out on behalf of users to close all accounts. If executors don’t have specific account information, then administrators will locate the account using names and personal information offered.