Facebook is a global behemoth used by millions on a daily basis. When someone passes away, their social media accounts may continue to exist unless they are explicitly deleted by a family member or someone authorized to act on behalf of the deceased. The policies for what happens to social media accounts after someone passes away can vary depending on the platform and the specific situation.

For example, Facebook offers two options for a deceased person’s account: memorializing the account or deleting it. If a family member or friend notifies Facebook that someone has passed away, the account can be memorialized, which means the account remains visible but can no longer be logged into or edited. Memorialized accounts will also not appear in public spaces like “People You May Know” or birthday reminders.

Twitter, on the other hand, will work with a person authorized to act on behalf of the estate or a verified immediate family member to deactivate the account. Instagram also allows for memorializing an account or removing it, with a verified immediate family member able to make the request.

Other social media platforms may have their own specific policies for handling a deceased person’s account, and it’s important to review the terms and conditions of each platform. It’s also a good idea to have a plan for how to manage digital assets in the event of death, which can be included in an estate plan or Will. This can help ensure that social media accounts are properly managed and provide a way for loved ones to honor the deceased’s wishes. You may want to write your passwords and account emails offline so that other family members can access it during an emergency. 

Leaving your digital legacy behind for your loved ones is very important. You can read more here:  Facebook after you die.

Hong Kong is known for it’s spiraling towers that dwarf the sky. It is also very expensive to live in. Centaline Group is a leading real estate agency in Hong Kong that provides a wide range of real estate services, including property sales and leasing, property management, and valuation services. The company was founded in 1978 and has since grown to become one of the largest and most established real estate agencies in Hong Kong.

Centaline Group has a large network of branches and sales offices throughout Hong Kong, and also operates in mainland China and overseas markets. The company is known for its innovative use of technology, including its online property platform, which allows customers to search for and view properties from anywhere, at any time.

In addition to its real estate services, Centaline Group also offers financial services such as mortgage brokerage, insurance, and wealth management. The company is committed to providing a high level of customer service and has won numerous awards and accolades for its performance in the real estate industry.

What does all of this have to do with inheritance? Alex Shih is the son of Wing-Ching Shih who is the founder of Centaline Property Agency Limited. Shih donated his share of the company his $US400 million ($A564 million) around 10 years ago. This is similar to other celebrity parents who have left their children nothing and donated everything to charity. People like the elder Shih want their children to be humble and their actions reflect that. However, Shih’s children no doubt have a vast wealth of resources and connections to fall back on. They will be setup for life, even without the money, as their father no doubt paid for their education and they have a network of people to rely on for future job offers. 

The heir to a real estate magnate isn’t getting a dime of his father’s $400 million dollar fortune, but there are no HARD FEELINGS OVER IT!

 

Life insurance plays an important role in planning your estate. An insurance policy can be used to preserve the value of your estate, support dependents and ensure that there is enough money available to pay any outstanding debts, fees or taxes upon your death.

Estate liquidity is crucial to providing living expenses to surviving family members. One of the best benefits of life insurance is that it offers tax-free money to your beneficiaries.

There are a number of reasons why you may want a life insurance policy, including:

  • To cover paying off taxes on your estate which you may owe on your death
  • To cover paying off taxes on any illiquid assets you may have
  • To cover funeral, lawyer and Executor expenses (including possible probate fees)

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It is no secret that Millenials are being forced to delay traditional life milestones: marriage, having kids, buying a home, etc. An unstable economy, lower salary increases and higher living costs (especially if you live in a big city), are all contributing factors to this problem. Millennials (many of whom engage in side jobs to make ends meet) often focus on on the present, rather than planning for the future.

There is still a case to be made for planning for the future — and doing so now.

The reality is, even if you have had to delay buying a home, get married or have kids, you still need to plan for your future. That does not  mean just opening and contributing to an RRSP. It is much more than that.

Estate planning is necessary for people at any age (especially for those over the age of 18) but it is particularly beneficial for people who want to climb the corporate (or career) ladder and start a family.

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