19/06/2020
In the Will, we usually include all our important assets, such as:
🏠Houses
💰Bank Accounts
🚗Cars
⌚️Personal collections
💎Jewellery
However, what about our assets that are embedded in the digital world, the Digital assets?
🌐What are Digital Assets❓
Digital assets may include all files and information stored over the Internet such as emails, photos, social media accounts, domain names, cryptocurrencies such as bitcoin, virtual game currency and e-wallet etc. Some digital assets may have【economic value】while some may have only【sentimental value】but it is still important to leave instructions in the Will to the appointed Digital Facilitator to manage the digital assets.
🌐What are the problems with Digital Assets❓
One of the common problems with digital assets planning is that family members has【no knowledge】on the existence of the digital assets. When no one knows that the client owned digital assets then mostly likely the assets will not be recoverable. Another problem with digital assets planning is the family member needed【passwords or codes】to access the digital assets. However, your clients may not want to put the passwords directly into the Will to preserve confidentiality.
🌐How to will away the Digital Assets❓
Despite the uncertainty to the planning of digital assets, below are some steps that you can advise your client to preserve their digital legacy.
✅List down all the digital assets in the Will or inside Digital Asset Memorandum.
✅Appoint a proper Digital Facilitator who is internet and computer savvy to handle the digital assets.
✅Provide instructions & passwords to the Digital Facilitator.
✅Update the lists and make backup whenever possible.
We are here to provide YOU with the BEST SOLUTIONS✅
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