Barbara Eisner Bayer
Estate Planning for Social Media Profiles

Have you ever considered what it would be like to live forever? According to scientist Ray Kurzweil, you may get that chance. He believes that in 20 years, immortality is a realistic possibility, thanks to breakthroughs in nanotechnology.

In the meantime, however, it’s likely that your body will expire before you get that chance. But even though your body may be silenced, your presence won’t be gone. I’m not talking about philosophical implications of life and death – I’m talking about your social media profiles. And the government is more concerned about them than you probably are!

USA.Gov is Uncle Sam’s “official web portal” to provide “trusted, timely, valuable government information and services when and where you want them.” Last week, they alerted Americans to the fact that a social media will should be part of everyone’s estate planning package. It’s an interesting point – what does happen to all those photos and penny-for-your-thoughts missives that you’ve spent years creating on Facebook and Twitter? You may no longer have access to them when you enter the pearly gates but, if nothing is done about them, these pearls of posts will live forever.

The government advisory suggests that, much like a traditional will, you appoint a trusted friend or family member as your online executor. Then, once the Grim Reaper has terminated you, that person will be in charge of terminating your accounts. In order to accomplish this, you’ll need to take the following steps:

1. Create a document that lists all your user names and passwords

2. Provide directions as to how you’d like things handled

3. Make provisions for your social media executor to receive a copy of your death certificate

Some sites already have provisions for your account after your demise (whether timely or untimely). Facebook and Twitter will allow a friend or relative to remove your account if they have your death certificate. But Google doesn’t always allow access to a deceased person’s account. It’s important to check each site you belong to before you make your online will, so your language will be in accordance with their policies.

Another choice for you is to use an online service like Legacy Locker or Entrustet to handle it for you – for a fee, of course.

I don’t think I can wait for Kurzweil’s predictions to come true. And it’s likely that I’ll be quickly forgotten after I take my last breath. By not creating a social media will, however, I can guarantee that I will achieve immortality … if not in body, well, at least online.

 

Barbara Eisner Bayer has been writing about personal finance for the past 17 years. She was a columnist at the Motley Fool and Mortgageloan.com, and has written about financial matters for The National Association of Realtors, Morgan Stanley, Merrill Lynch, Schwab, and Prudential, to name a few. She has also been the Managing Editor at a variety of financial websites, and has worked with financial planners and estate planning attorneys to develop books and newsletters. When she doesn’t have her nose sticking into the financial news, she’s a professional singer and a passionate, but amateur, tennis player.  She hopes that all her financial endeavors will one day earn her the ability to realize her true aspiration – tennis bum!

 

 

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Shale gas, shale gas, everywhere

First, the problem. Shale gas, shale gas, everywhere, courtesy of the Energy Information Administration:

 

Whole lotta shale gas shakin' goin' on.

 

Prices plummet chart

Is today’s dip below $3/mmbtu simply both shale gas oversupply and recession-reduced demand, bound to return to balance, or is this something longer term -- what we, in investing land, call secular?

We don’t know. The natural gas drilling rig count is substantially down year over year, according to BakerHughes, but it’s not clear where the remaining rigs are going. Could it be to cheap natural gas? Or more lucrative wet gas -- still plenty of natural gas, but also gas with liquids such as propane? That would keep supply too high for better pricing.

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More capriciously, but soon.

 

 

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