Digital Asset Planning 

Contemplating the terms of your Will isn’t an easy task and there is a lot to consider. More recently is has become essential to consider your ‘digital assets’ and who will take control of them or receive them after you pass.

Digital assets may not be considered personal property and may be intangible. They may be photos, videos, audio recordings or online subscriptions.

Have you thought about what is to happen with your accounts such as Facebook, Instagram, Netflix, iTunes and email? Or your Bitcoin wallet and cryptocurrencies? What about Flybuys, frequent flyer miles or credit card points which you may have spent years and years acquiring!

Although some digital assets won’t be able to be transferred or gifted by your Will, it is still important to consider how they will be dealt with when you are no longer here. You may include a term in your Will that authorises access to a certain person. Some online services like Facebook now allow you to nominate a next-of-kin.

We encourage clients to develop a Digital Asset Plan.

The plan includes making a list of your digital assets, accounts, usernames and passwords.

It could also include your instructions to close certain accounts like Facebook and Instagram. This plan can be referred to in your Will but recorded in a separate document and stored securely. That is because your Will becomes a public document once Probate has been granted. No doubt you will also need to update your passwords from time to time.

When the Supreme Court provides a Grant of Probate of a Will, it means the Court is satisfied that your Will is valid. Your executor then has the right to deal with your assets and distribute them via the terms of your Will. Probate is not always required but if you own a Property is necessary.

If you would like advice about your Will or Estate Planning, please contact us on 5032 2711.