In the modern era, our lives are increasingly intertwined with technology. From social media accounts to online banking and cloud storage, digital assets hold significant personal information. Apart from personal data, they also store important financial statements.
Therefore, it is essential to plan for the management of these assets after death to ensure that they are accessible to your loved ones. The digital legacy services in Perth not only guide your relatives in obtaining the property but also keep them protected.
These are specialised companies that help individuals manage their digital assets and plan for their deposition after death. They offer a range of features, including:
In modern times, tangible assets are not the only valuables that need protection. Digital property like personal files, financial accounts, streaming services, and more require safeguarding. As a result, it is important to consider how these assets will be managed once you are gone. This is where the best wills lawyers in Perth can assist you.
However, you need to know a few things to nurture these properties before it is too late.
The law surrounding such property is complicated and is variable by jurisdiction. That being said, they have a few common principles and steps that will make sure that the assets are being nurtured according to your will.
Ensuring their safekeeping after your death will be challenging. Therefore, planning a will similar to your estate documents or trusts is suggested. These documents will explicitly address the digital assets and contain clear instructions on how they are supposed to be handled. For instance, whether they should be deleted or archived will be decided by you and mentioned in your will.
However, in many cases, even your family members can only access digital assets with prior authorization. As it may be illegal, therefore you must mention the name of the executor who has the legal right to nurture your property. They will receive the explicit authorization as mentioned by your will. To draft such documents, getting the help of a lawyer is important as they will be revised according to modern laws. The professionals will create a framework on your behalf so that the fiduciaries can manage your digital assets.
Before drafting a document, one must keep in mind the assets not controlled by will. The properties that are owned jointly or have beneficiaries cannot be monitored by your executor. Apart from these, acids owned by a trust also cannot be controlled by a will. These types of properties are considered non-probate assets.
To organize and manage your intangible property, here are a few steps that you can consider:
List all your online accounts. This may include social media, email, e-banking, and other services that you may use. Additionally, keeping a secure record of your username and password will come in handy. You can use a password manager to store them securely.
By choosing a trusted individual who is familiar with technology, you can easily safeguard your assets. Provide them with detailed instructions on how to assess and manage your account.
Ensure that your probate documents are up to date, and they address the disposition of your digital assets. You can consider providing your executor the authority to access and manage the accounts.
Ideally, keeping your inventory updated regularly as a part of your early estate planning review will be useful. Allow your lawyer to pass on the current information to your family and executor.
Discuss the digital legacy plans with your loved ones and your solicitor to ensure that everyone is aware of your wishes. Clear communication will allow a smoother transition after your demise.
So, in this blog, we have discussed the ways you can protect digital assets after someone’s demise. Needless to say, wills lawyers in Perth WA will be an invaluable resource for creating a digital inventory and incorporating your relevant documents. They will guide you through the whole process and ensure that your digital footprint and assets are safeguarded. So contact them today, and keep your family members prepared in the event of an emergency.
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