How valuable is your virtual life?

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How valuable is your virtual life. Digital assets. Financial planning

We all know that having a Will to protect our life’s assets is crucial, but what about our virtual life? Is our online presence classed as an asset? It most definitely can be!

Known as “digital assets”, what you store online can take many forms, and often have no expiry date. So, what happens to your digital property when you die?

There actually is a thing called “digital estate planning”. Just like a Will, a digital estate plan can help your family to find, access, value, and appropriately distribute or take care of your virtual assets after your death. In many cases, it can form part of your Will.

What are digital assets?

Digital assets can include any data, internet accounts or rights you may have in the digital world. Data may be stored on your computer hard drive, on removable media, or more often it is stored remotely “in the cloud” so you can access it online.

Digital assets can include personal and business data, intellectual property rights, or online accounts, and be held in:

Intellectual property rights to photos, music, movies, literary works, websites, computer code, or any creative works you have produced and stored, can also be classed as digital assets.

Understandably, your loved ones may not be aware of all of your virtual assets. Even if they know of their existence, digital property is often password-protected, and many companies have privacy regulations restricting them from allowing access to accounts to anyone but the owner without a legal battle.

Why do I need a plan for my digital assets?

Creating a digital estate plan (or including it in your Will) can provide numerous benefits.

How do I start?

If this has made you realise how valuable your virtual life is, sit down and make a list of your digital assets, including where they’re held and how they can be accessed. It’s important to store usernames and passwords in separate places to minimise the risk of theft.

Then choose someone you trust with this confidential information, and who is up to the task of following your instructions.

Don’t leave it another moment…

Sources:
The Digital Beyond www.thedigitalbeyond.com

This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

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