Technology is evolving at a fast pace and many people are amassing a wealth of digital assets that are valuable. So, what happens when you die? Who will be entitled to your digital assets?
A digital asset is anything you have rights over that exists online or in digital form.
It includes: intellectual property (such as copyrights, patents and trademarks); private emails; digital music libraries; online financial accounts; domain names; and social media accounts.
In Australia, there is no specific legislation dealing with the management of digital assets. This means that families have no clear rights in relation to access and ownership, of the online life of a deceased family member.
If a comprehensive list of each digital asset (including all passwords and security questions) has not been left with a digital executor, these assets may remain sealed or left online indefinitely. It is therefore suggested that a comprehensive written list (record the username, passwords and security questions attached to each asset (account)) of all the digital assets and how these are to be dealt with by your executor is made, so that you have some decision in what happens later on. This list of instructions should form part of your wishes when preparing a Will and this should be regularly updated as your situation changes. It is also to your benefit that your Will be professionally drafted by a lawyer who will ensure your wishes are corrected documented in your Will.
If you would like to learn more about how Manookian Solicitors can be of assistance, we are happy to talk. Our initial meetings are an investment on our behalf. We take the time to assess your needs and determine an action plan to move forward together.
Contract Rostom Manookian on 0416 716 960 or email: rostom@manookiansolicitors.com
Comments