While all celebrities bring more complexity to estate planning, social media influencers have even more issues to consider. This booming industry allows influencers to skip out on holding traditional 9 to 5 jobs. Influencers get paid in various ways. Some are paid through affiliate links, blogs, paid campaigns, partnerships and collaborations. Some influencers are for small, niche groups while others may amass online followers in the hundreds of millions.
The assets held by this group range from luxury real estate to investment accounts to rare consumer goods as well as various digital assets. Influencers themselves are their own asset; their brand consists of their social media image.
While most estate planning includes issues concerning privacy. Privacy issues especially apply to celebrities, professional athletes and social media influencers. Using a trust to avoid probate helps ensure that the net worth and asset distribution is not publicly disclosed after death.
Another issue more unique to influencers is that of establishing domicile in a state that has more beneficial laws around the right to publicity. The right to control and profit from the commercial use of someone’s name, likeness, and persona varies greatly from state to state. It is important to evaluate these laws as this will determine whether the beneficiaries of the influencer’s estate can continue to monetize the deceased influencer’s persona and prevent other individuals from doing so without authorization. This may have a huge impact on future revenue capabilities for the influencer’s heirs.
Another key issue involved in estate planning for social media influencers is to carefully protect and incorporate digital assets into the overall estate plan. Digital assets include email accounts, social media accounts, digital photos, website domains, blogs, cloud storage and blockchain. For influencers, these digital assets have significant commercial value and their future beneficiaries need access to manage these assets after death or incapacity.
As a massive and growing celebrity market, the unique business model and asset profile of the social media influencer presents special challenges. In addition to a will and/or living trust, durable power of attorney, healthcare power of attorney and a living will, this group also needs special protections for digital assets. To discuss how to protect these digital assets and the future publicity of your brand as an influencer, contact the estate planning attorneys at Stouffer Legal in the Greater Baltimore area for an in-depth consultation. You can schedule an appointment by calling us at (443) 470-3599, emailing us at office@stoufferlegal.com, or register for an upcoming free webinar using the link below:
https://attendee.gotowebinar.com/register/1826000060028014604
https://attendee.gotowebinar.com/register/704931407278037516
https://attendee.gotowebinar.com/register/7942535966346120972
