In today’s digital age, our lives are increasingly intertwined with technology. From social media platforms to cryptocurrencies, digital assets play a vital role in shaping our personal and financial landscapes. Unfortunately, many individuals overlook the significance of including these valuable assets in their Wills.
What Are Digital Assets?
Digital assets encompass a broad array of items, including but not limited to:
Social media accounts: Facebook, Instagram, X (formerly Twitter), and more;
Email accounts: Gmail, Outlook, and other services that may hold important information;
Cryptocurrency: Bitcoin, Ethereum, and various other digital currencies;
Online Businesses: Websites, blogs, and e-commerce platforms;
Digital Files: Photos, videos, and documents stored online or in the cloud;
Why Should You Include Digital Assets in Your Will?
Preservation of legacy: Clearly specify how you want your digital assets managed in your Will to ensure that your digital legacy is honoured and preserved.
Ease of access: Many digital accounts are password-protected. By including detailed instructions in your Will or storing them securely with your Will, you empower your executors to access important accounts without unnecessary obstacles.
Avoiding conflict: Clearly outlining your wishes can help prevent disputes among family members regarding asset distribution, especially when it comes to complex assets like cryptocurrencies or online businesses.
Compliance with laws: Different online platforms have specific policies regarding the transfer of accounts after death. Granting your executors the authority to handle your digital assets will streamline the process and ensure compliance with platform policies.
How to include digital assets in your Will
Create an inventory: Make a comprehensive list of all your digital assets, including usernames, passwords, and relevant links. But do not include this information in your Will!
Consult legal experts: Engage with an estate planning lawyer who is knowledgeable about the complexities of digital assets to ensure your Will addresses these assets correctly.
Keep It updated: Digital assets are continuously evolving. Regularly update your Will and inventory to reflect changes in your online presence.
How Can Nevett Ford Help?
As our connection to the digital world intensifies, it is crucial to incorporate digital assets into your estate planning. By addressing this critical aspect of your Will, you can safeguard your digital legacy, alleviate the burden on your loved ones, and ensure your wishes are honoured long after your passing.
At Nevett Ford, our Wills and Estates Team adopts a modern approach to estate planning, ensuring your digital assets are aptly protected. If you have any questions about including digital assets in your Will, contact us today to discuss how we can help you secure your digital legacy on 03 9614 7111 or by email on melbourne@nevettford.com.au.