Digital assets can include any personal property, records, or accounts in digital form; these assets can be a mixture of monetary and items that hold sentimental value. Here, we look at why you should consider your digital assets during estate planning and how this can mitigate problems when you are no longer here.
The importance of thinking about your digital assets
Digital property can consist of online-only bank accounts or cryptocurrencies such as Bitcoin. Digital records include text, images and videos, while Facebook and other social media formats are digital accounts. If you do not include digital assets in your Will, it can mean your relatives may encounter problems, such as accessing password-protected online banking information needed for probate.
Writing a Will, which includes physical and digital assets, will ensure the estate is inherited as you wish and prevents problems landing on your loved ones when they are grieving.
What can be done about digital assets in your estate planning?
Failure to address the issue of digital assets can make the Executor’s role much more difficult. It helps to create an inventory detailing the assets and where to find or how to access them.
Digital assets clause
Your Will can include a digital assets clause. This might allow Executors the discretion to decide who should benefit from any digital assets or nominate who is to receive what. It is also worth considering what you want to happen if you become mentally incapacitated and include directions in a Power of Attorney.
Contact our Wills and Estate Planning Lawyers in Sydney, NSW
As part of estate planning, you should consider who you would want to benefit from your digital assets and how your online presence should be dealt with once you have passed. Estate planning is a specialist area of law, but we can help you navigate the complexities. Please contact the experts at Szabo & Associates Solicitors on {{CONTACT_NUMBER}} or complete the online form.