When drafting your Will, one of the first thing a lawyer will ask is what assets you have. What’s the first thing that comes to mind? There are the items that everyone expects, such as property, bank accounts, cars, and shares.
But what about social media accounts? We aren’t talking about your Facebook account used to stay connected to family and friends. We are looking at what to do if you have a source of income generated from one or more social media accounts.
Ever considered them as an asset? Maybe now is the time to do so.
Social media as an Asset
With surveys showing that being a ‘Youtuber’ is one of the top 5 job aspirations of children when they grow up, a career on social media has become as normal as wanting to be a sports star, teacher, or doctor.[1] This means online income is an important estate asset to consider nowadays.
For a growing number of Australians, social media and digital assets are a form of income, ranging from a ‘side hustle’ that generates a passive income to full time employment. It is real money that is generated from a consistent source.
It is especially important for young people to consider making a will that considers income generating social media accounts. There are already many examples of social media stars passing away young, leaving behind accounts worth significant amounts of money.
Social media income and your Will
Income from social media is varied and, depending on the nature of the work, fickle. This means that your estate planning needs to able to match the platform you earn on.
An influencer on Instagram that relies on sponsors and regular posts won’t have the same longevity earning potential as a YouTube channel with videos that people will come back to and re-watch. If it is unlikely your account will generate any further income after your passing, perhaps due to no active sponsors engaging anymore, then it may be a good idea to appoint an executor that knows how to manage social media accounts to ensure the last remaining potential income is extracted from the account.
If your social media account has a strong brand presence, then you may wish to consider making it a business asset, if you haven’t already. With the account as a part of a business or brand, the income is generated within a body that can be delt with in the Will. Passwords, banking details and any other account management details will need to be contained in one convenient place and passed on to your executor under this business umbrella.
Some social media accounts may even be sold, with their value based on the accumulated follower base or content on the platform. You can instruct your executor to sell the account, which may require specialist help depending on the technical skills of your executor. This is good for accounts that rely on an active personality behind them or have accrued a brand image that can be passed on. The options are as varied as the nature of your social media presence.
This area of law is new and evolving, so your Will needs to be specialised to account for this. It is important to consider your digital income as an asset in your estate planning and how it should be treated. We recommend you speak to one of our estate planning lawyers to find out how you can ensure your loved ones can benefit from your digital legacy.
[1] Commissioner for Children and Young People (SA), The job Aspirations of 8-12 year olds (Report, 2020) (https://www.ccyp.com.au/wp-content/uploads/2022/01/The-Job-Aspirations-of-8-12-year-olds.pdf)
Author: Morgan Riley, Morgan graduated from UWA in 2023, completing his Batchelor of Arts in Law and Society and History, and Juris Doctor. He was admitted to the Supreme Court of WA in November 2024 and has been working in a variety of areas of law since then, with a focus on Wills and Estates matters. He is keen to provide legal services that leave clients with peace of mind that their future affairs have been secured for their loved ones.
