- Date : 10/05/2023
- Read: 4 mins
Nomination for digital assets
With the internet's increasing penetration and social media's popularity, the world has gone digital. Most people own digital assets such as social media accounts, e-wallets, email addresses, cloud/online storage accounts, etc. Each digital account is unique to the user. But what happens when the user passes away? Who gets to operate the account on behalf of the user?
This is where the concept of nomination kicks in. Investments and insurance plans have nominees authorised to receive the benefits in the case of the investor's demise. The same concept is now available for digital assets.
Nomination in digital assets
A nominee for digital assets is a person who would manage the digital assets after the appointee's incapacitation or death.
Some social media platforms, such as Google, Facebook, LinkedIn, YouTube and Twitter, have policies for managing digital assets without the account holder. Here's how you can appoint a nominee for these accounts.
Also Read: Know Your Rights When Investing In Digital Assets
Facebook allows account users to appoint a nominee as a legacy contact who will manage the user's account after their death. Your legacy contact could accept friend requests, respond to chat box messages, and post updates. However, they may act per the terms and conditions of the Facebook usage policy for nominees. They cannot remove your Facebook friends or read your private messages. You can appoint a legacy contact in your Facebook settings. All you have to do is go to "Manage Account" and then select "Legacy Contact".
Twitter allows users to request that their accounts be deleted after their deaths. To close the account, a copy of the user's death certificate is to be provided by the authorised representative. Along with this, you also need a proof that you are the authorised representative of the deceased's estate. You can also deactivate the deceased user's Twitter account by requesting and providing verification information.
Other than this, users can also appoint a nominee to their Twitter account through a formal letter that would delete or deactivate their Twitter account in their absence.
Google allows users to designate or nominate an individual to manage their Google account in their absence or if they become inactive for a certain period. A representative or a user's family member can reach out to Google to claim funds, access data, or close the account. Google gives the nominee full access after the user's death by providing the death certificate and completing other formalities to receive the funds from the account and either close the account or continue it.
LinkedIn also allows an authorised person or a nominee to close the LinkedIn account of the deceased by filling out a verification form, including a death certificate and proof of the nominee's relationship to the deceased individual. However, additional information is required for premium account holders.
YouTube
YouTube allows users to designate a legacy contact to manage their YouTube account after death. The legacy contact can download your videos and channel information and either delete your YouTube channel or continue it as a memorial. You can designate a legacy contact for your YouTube account under account settings. Go to "Add or manage your channel's managers" and click "Add a manager". Your legacy contact should have a Google account to manage. The legacy contact can also delete your YouTube account by providing proof of death and proof of authorisation.
No succession law mentions a nominee for digital assets, and no such law exists in India. However, suppose you have any digital assets and want to ensure their safety or continuity for your heirs after your death. In that case, you can appoint a nominee by writing a formal letter. It's important to note that the policies and procedures keep changing, and it's best to update information from the social media platform directly for updating nominees.
So, if you have digital assets, know the nomination process. Nominate your spouse, children, or any other relative to manage your account in your absence. Nomination allows a smoother transition of ownership and is recommended for all.
Also Read: Know About The Taxation Of Digital Assets
With the internet's increasing penetration and social media's popularity, the world has gone digital. Most people own digital assets such as social media accounts, e-wallets, email addresses, cloud/online storage accounts, etc. Each digital account is unique to the user. But what happens when the user passes away? Who gets to operate the account on behalf of the user?
This is where the concept of nomination kicks in. Investments and insurance plans have nominees authorised to receive the benefits in the case of the investor's demise. The same concept is now available for digital assets.
Nomination in digital assets
A nominee for digital assets is a person who would manage the digital assets after the appointee's incapacitation or death.
Some social media platforms, such as Google, Facebook, LinkedIn, YouTube and Twitter, have policies for managing digital assets without the account holder. Here's how you can appoint a nominee for these accounts.
Also Read: Know Your Rights When Investing In Digital Assets
Facebook allows account users to appoint a nominee as a legacy contact who will manage the user's account after their death. Your legacy contact could accept friend requests, respond to chat box messages, and post updates. However, they may act per the terms and conditions of the Facebook usage policy for nominees. They cannot remove your Facebook friends or read your private messages. You can appoint a legacy contact in your Facebook settings. All you have to do is go to "Manage Account" and then select "Legacy Contact".
Twitter allows users to request that their accounts be deleted after their deaths. To close the account, a copy of the user's death certificate is to be provided by the authorised representative. Along with this, you also need a proof that you are the authorised representative of the deceased's estate. You can also deactivate the deceased user's Twitter account by requesting and providing verification information.
Other than this, users can also appoint a nominee to their Twitter account through a formal letter that would delete or deactivate their Twitter account in their absence.
Google allows users to designate or nominate an individual to manage their Google account in their absence or if they become inactive for a certain period. A representative or a user's family member can reach out to Google to claim funds, access data, or close the account. Google gives the nominee full access after the user's death by providing the death certificate and completing other formalities to receive the funds from the account and either close the account or continue it.
LinkedIn also allows an authorised person or a nominee to close the LinkedIn account of the deceased by filling out a verification form, including a death certificate and proof of the nominee's relationship to the deceased individual. However, additional information is required for premium account holders.
YouTube
YouTube allows users to designate a legacy contact to manage their YouTube account after death. The legacy contact can download your videos and channel information and either delete your YouTube channel or continue it as a memorial. You can designate a legacy contact for your YouTube account under account settings. Go to "Add or manage your channel's managers" and click "Add a manager". Your legacy contact should have a Google account to manage. The legacy contact can also delete your YouTube account by providing proof of death and proof of authorisation.
No succession law mentions a nominee for digital assets, and no such law exists in India. However, suppose you have any digital assets and want to ensure their safety or continuity for your heirs after your death. In that case, you can appoint a nominee by writing a formal letter. It's important to note that the policies and procedures keep changing, and it's best to update information from the social media platform directly for updating nominees.
So, if you have digital assets, know the nomination process. Nominate your spouse, children, or any other relative to manage your account in your absence. Nomination allows a smoother transition of ownership and is recommended for all.
Also Read: Know About The Taxation Of Digital Assets
