Welcome Back, Gen Z (+ other!) Planners – now, it’s time to talk about how you can monetize your social media and protect it when you’ve passed!
Have you started thinking about how to make money from TikTok or Instagram, and what will happen to that income stream if you’re gone? Nevada recognizes different types of digital assets in estate plans. Let’s dive deeper into ways to monetize social media and how to secure those assets.
Monetizing on Social Media
Social media is not just a way to connect with your friends anymore, it’s a business.
Many creators on platforms like TikTok, Instagram, and YouTube earn significant income. They fund their work through ads, brand deals and sponsorships, and product sales.
These accounts can generate a steady income, even making it sustainable as a main stream of income.
However, what happens when you pass on?
There are several platforms that vary in what you can do within the platform. Many accounts can be memorialized, like Facebook or Instagram. However, other accounts like TikTok and YouTube limit options that only allow for permanent deactivation or account transfer.
Recently, Nevada law gives trustees access to a deceased person’s assets when estate planning documents authorize it. Without proper planning, people can lose assets, or the assets can get locked or deleted.
Read more about Monetizing and Protection…
Protecting Your Digital Business in Nevada
In today’s world, the concept of a business is no longer limited by a physical storefront.
Business owners have personal domains that have online sales, content creator accounts, and online walls.
Specifically, in Nevada, trustees can access digital assets after death in several ways. Authorization matters because a person can grant access through a trust, will, or power of attorney.
Even close family members cannot access these funds without consent. These funds can play a crucial role during times of incapacity or after your passing.
📌 How can you make sure someone is taking care of your digital assets?
Name a “digital trustee” in your estate planning. This allows for authorization into your accounts.
You are going to want to make sure you provide a strict outline as to how the account: may be accessed, for what purposes, and what the funding can be used for.
Inventorying Your Digital Assets…
When thinking about what you are going to leave behind in the digital realm, think about how to inventory all your assets.
Items you may want to include in a digital inventory:
Social media accounts – with a note on how they are monetized and how a trustee can retrieve the funding within the account.
Email accounts and phone storage – this may contain contracts and personal communications that explain how the deceased stored money and how it should be disbursed.
Digital wallets – make sure you have the correct logins and paperwork to present to the bank so you don’t lose any money in the accounts.
Online storefronts and domain names – lets the trustee manage online shops like Etsy or Amazon and protects personal domain names.
Subscription services – ensures the trustee can cancel or transfer any content creation subscriptions to preserve the work.
Read more – Digital Inventorying
Start Planning Today!
People can make money in so many different ways in today’s digital world. Many young people use social media to earn a profit, either actively or passively.
You must ensure that your hard work online continues to pay off after you pass. Don’t let your digital footprint disappear, let your remaining income and legacy live on long after you’re gone!
Author: Mya Skowronski – Law Clerk, Phillips Ballenger Photo by: Unsplash Photo Community