Podcast Summary
Missing Out on Potential Candidates on LinkedIn: Small businesses can find passive job seekers and untapped talent pools on LinkedIn, as over 70% of users don't visit other job sites. Additionally, managing digital assets after death is a growing concern, and neglecting this issue can lead to complications.
Small businesses miss out on a significant pool of potential candidates by not utilizing LinkedIn for hiring. While many professionals, like Sandra, are not actively looking for new jobs but might be open to the right opportunity, they can be found on LinkedIn. In contrast, over 70% of LinkedIn users don't visit other leading job sites, making it a valuable resource for businesses looking to hire top talent. Additionally, the digital world presents unique challenges when it comes to managing assets after death. As Lucy Warrick Ching discussed on the Money Show, more and more people have digital assets, such as email accounts, online bank accounts, and photographs stored in the cloud. However, many people have not considered what will happen to these assets when they pass away. According to research conducted by VWV, a law firm, this issue is becoming more common, and people are not including digital assets in their wills. It's essential to start thinking about these issues and considering how to manage digital assets after death to avoid potential complications.
Many people lack plans for managing digital assets after death: Only 6% of people include digital assets in their wills, 90% haven't planned for social media accounts, and digital assets, including cryptocurrencies and social media, can hold significant value. Plan ahead by making a will and arranging for the management of digital assets after death.
Many people have not made plans for managing their digital assets after they pass away. According to a survey by the Digital Legacy Association, only 6% of people had included digital assets in their wills, and 90% had not made plans for their social media accounts. This is concerning because digital assets, including social media accounts and cryptocurrencies, can hold significant sentimental and financial value. When it comes to cryptocurrencies, they are not considered property in the UK, but they will still be subject to inheritance tax. For social media accounts, it's important for individuals to take positive action and make plans for who will manage their accounts after they pass away. There is currently no legal definition of a digital asset in the UK, but it generally refers to anything stored digitally or online, including email accounts, social media, photographs, and cryptocurrencies. The ownership of these accounts can be complex, and in some cases, individuals may need to go to court to gain access to their loved ones' accounts after they pass away. Therefore, it's essential to plan ahead and consider making a will that includes digital assets and making arrangements for the management of social media accounts and other digital assets after death.
Digital Assets and End-of-Life Planning: Digital assets, like photos and social media accounts, may lose access after death due to expired licenses. Some platforms offer solutions, but clarity on cryptocurrencies is needed.
While people may assume they own the digital content they've uploaded or purchased online, including photographs and media, the reality is that user licenses often expire upon death. This means that access to these digital assets can be lost, causing problems for loved ones and heirs. Social media accounts, too, can present challenges in terms of end-of-life policies and access after death. However, some social media platforms, such as Facebook and Google, are beginning to address this issue by offering ways for users to pass on access to their accounts after they die. As for cryptocurrencies, which can hold significant value, the situation is still unclear and requires further attention from both users and companies. It's essential to be aware of these issues and take steps to ensure that digital assets are handled according to our wishes after we're gone.
Managing Digital Assets After Death: Complex Planning Required: Provide instructions for accessing digital assets like cryptocurrencies, manage passwords securely, declare all assets for inheritance tax, understand terms of service, and balance sharing info with security.
Managing digital assets after death requires careful planning and communication. While cryptocurrencies like Bitcoin have clear ownership rights, their access is complicated by private keys. Therefore, it's essential to provide instructions on how to access these digital assets to executors or loved ones. Password managers can help manage multiple passwords, but the master password must be accessible. It's important to declare all assets, including digital ones, for inheritance tax purposes and to understand the terms of service for wallets and password managers. Additionally, planning for sudden death is crucial, as many elderly people have spent a long time preparing for the transfer of their assets but may not have addressed the issue of digital assets. However, it's important to strike a balance between sharing enough information to facilitate the transfer of assets and maintaining security. Breaching user terms by sharing passwords can also create legal issues. Overall, the management of digital assets after death is a complex issue that requires careful consideration and planning.
Managing Digital Assets After Death: A Complex Issue: Young adults should plan for managing their digital assets after death by creating a 'treasure map' and dividing master passwords among family members. The Digital Legacy Association provides a digital will template to help with digital asset planning.
Managing digital assets after someone's death can be a complex issue. Young adults may not have planned for this, making it difficult for families to access their online accounts and assets. Legally, it's a grey area, and solicitors find it challenging to advise clients to break terms and conditions. The digital world contrasts with the physical, where documents are kept in a tangible form. In the digital realm, providing enough information for loved ones to locate assets is crucial. This involves giving clues without breaching terms, creating a "treasure map" of sorts. Some people divide master password information among family members, ensuring no one person has complete access. The Digital Legacy Association, launched in 2015, offers a digital will template to help with digital asset planning. This simple Excel document empowers individuals to better understand and manage their digital assets and legacies.
Managing Digital Assets After Death: Understand platform terms, use Digital Legacy Association resources, and consider companies like Kinherit and Lexicon for managing digital assets after death.
Managing digital assets after death is becoming increasingly important, and it's essential to understand the terms of service of different platforms to make suitable plans. The Digital Legacy Association provides resources to help individuals navigate the process, from passing on access to mobile phones to planning for Facebook accounts. Additionally, there are companies like Kinherit and Lexicon that can help gather necessary information for organizing an estate. It's crucial to be aware of which platforms and devices are used and make plans accordingly for peace of mind.
