Digital assets defined
A digital asset is anything that is stored digitally and can be sold. Examples of digital assets include documents, audio, videos, logos, slide presentations, spreadsheets, and websites.
A digital asset may also include online accounts and digitally stored data. Examples include, email accounts, memberships, blogs, social network sites, videos, photos, online business or data stored.
What happens to digital assets after death?
A failure by an individual to have a plan to manage their digital assets after death could mean that executors overlook the assets or have difficulty in accessing them. To avoid the loss of digital assets, owners should prepare a list of digital assets. The list should be placed with your Will. This must be kept in a very safe and secure location, as such a list would normally include usernames, passwords etc.
Obviously, practical difficulties can arise where passwords and usernames are changed over time. Consequently, the list should be updated and kept secure but accessible to estate executives and administrators.
To minimise the loss of these assets and to make life easier for an estate executor, it is important to have a current Will and keep the list securely with the Will.
For further assistance regarding your estate plan, please contact our office on 9725 0377 or [email protected]. We fully understand the ramifications of your estate planning needs.