Are You Protecting Your Digital Assets?
The world is transitioning to a largely digitalised system of storing, transacting and communicating, and digital assets are becoming more and more relevant in estate planning matters.
The law on digital assets is still in its early stages of development, and there has been great difficulty in developing policies and practices when many digital assets are held across jurisdictions.
Digital assets have no legal definition, however, they are generally accepted to be items of ‘monetary or sentimental value which exist only in electronic form’. Some digital assets may include photographs posted on social media platforms, emails sent via email accounts and cryptocurrencies.
The lack of legislation surrounding digital assets means service providers can include terms and conditions for use of their platforms, which may give them the right to own or dispose of your digital assets, upon death of incapacity.
It is important to read the terms and conditions of media platforms to understand your rights and protect your digital assets.
Digital assets should certainly be considered during your estate planning!
For assistance with estate planning matters, please contact our office on (07) 4417 4417.