Managing your Digital Estate

Managing your Digital Estate

The digital age has seen an exponential rise in social media and internet usage and, with it, a whole range of digital assets.

The Australian Bureau of Statistics shows that the total internet subscribers in Australia reached 12,358,000 at the end of June last year and 6.2 million Australians used mobile wireless broadband.

This indicates that a growing number of Australians are spending more time on their social media accounts, creating more personal material, with many having accrued thousands of dollars’ worth of digital possessions such as individually curated music, movies and e-books.

Digital Estate Blog
Digital Estate Blog
A Legal, Digital Legacy
How would you like your digital legacy to be addressed? Do you have any particular wishes – to memorialise the information, pass the assets onto family beneficiaries or, for privacy’s sake, have the accounts shut down? Bethanie Castell, a Wills and Estates lawyer with Adelaide firm Tindall Gask Bentley, offers these insightful recommendations for those who are unsure how to approach their digital estate.

The legal way to list your digital assets is by putting pen to paper. When drafting your Will, simply add a section for your digital assets and how you wish for them to be managed when you pass away.

Phrase your digital instructions as wishes, rather than legally binding directions, as, your executor will still be bound to the terms and conditions of the various online accounts.

Record all your passwords (work, banking, social media etc.) on separate document stored with your Will, so you won’t have to update your Will every time you change a password.

Lastly, appoint someone who’s technologically savvy as your Digital Executor.

“It may take time before we see Wills and Estates legislation specifically mentioning digital assets, but that doesn’t mean it is isn’t important to think about digital assets and provide for them while you can,” Castell said.

Your Family Future Checklist
So, when it comes to planning for your families future wellbeing in the years after you’ve departed, your estate planning checklist might look like this;

Make sure your own Will and Estate executor and beneficiaries are updated.
Clarify your Digital Estate, digital assets wish lists and your appointed digital executor.
Compile your digital assets purchased online, including music, movies and e-books.
And of course, keep your Lifebroker Life Insurance policy and beneficiaries up-to-date as well
Understandably, the concept of a Digital Estate can be quite confusing so talk to a legal Succession Planning expert. To discuss your Life Insurance and Beneficiaries options, talk to an expert consultant at Lifebroker today, so you can work towards the peace of mind that financial security can offer your family.

The information contained in this website has been prepared without taking into account your objectives, financial situation or particular needs and is General Advice only. Lifebroker Pty Ltd (the authorising licensee AFSL 400209) or any related companies will not be held responsible for the merits of this advice to your circumstances.

Google Searching for Answers to Digital Legacy Problems

The digital legacy that a deceased person leaves behind has been a much-talked-about subject in the estates world in recent years.  See, for example, blogs on the subject by Moira VisoiuSaman Jaffery or Nadia Harasymowycz.  There’s a March Hull on Estates podcast about this, and another from July 2011.

While there have been some legislative and judicial developments in some jurisdictions (see Nebraska’s Bill 783 for an example), it has largely been left to private industry to resolve the problems created when a person passes away leaving a large digital footprint behind.

Fortunately, Google has stepped up to the plate and introduced a new policy to resolve this issue with respect to its services.  Google’s new Inactive Account Manager feature takes leaps forward towards resolving digital legacy issues.

Called a “digital will” by some media sources including the Toronto Star, the Inactive Account Manager allows users to manage what happens to their Google-related digital assets on death, or on prolonged account inactivity.  Users may set a period of time of inactivity (three, six, nine, or twelve months), after which Google will delete their data.  Before anything is deleted, Google will notify you by email or by text message to your cell phone.  If users would prefer that their data be preserved, there is an option to have some or all of it sent to trusted contacts.  The services to which the service applies include +1s, Blogger, Contacts and Circles, Drive, Gmail, Google+ Profiles, Pages and Streams, Picasa Web Albums, Google Voice, and Youtube.

This service is a clever and easy to use way to manage digital assets.  It does raise a number of questions, however.  How does this policy interact with legislation and case law about digital assets in jurisdictions that have these policies?  Will Facebook, or other online services follow suit and prepare similar policies?  Does an estate trustee under a will in Ontario have the authority (or the responsibility) to collect your digital assets from the person named on your Inactive Account Manager?

Perhaps the answers to these questions will become clear with time.  In the interim, it appears that we are left with a patchwork of policies created by different online service providers with different intentions and different philosophies.  Consider, for example, _LIVESON, a service that analyzes a user’s Twitter habits and generates automated tweets for him or her after death.  Control is placed in the hands of an “executor” who manages your _LIVESON “will”.  Although somewhat eerie, this is an interesting way to ensure that a person’s online presence not only persists after death, but continues to develop and grow.

If you are a Google user, it may be worth checking out the Inactive Account Manager and configuring your settings.  The photos, blogs, friends and videos left behind on a user’s death may mean a lot to grieving loved ones.

When updating an estate plan, digital assets are an important aspect to consider.  Lawyers should be cognizant of the issues surrounding digital legacies, and should discuss them with their clients.  People planning their wills should think about the intangibles they leave behind as well.  And if you aren’t sure where to find this information, try Google.

What are digital assets?

Digital assets have been defined as anything that is stored on an electronic device — regardless of the owner of the physical device.
There’s indeed a difference in the location of the assets. On the one hand, there are the ones based in your computer, hard drive, or thumbdrives. On the other hand, there are some which you don’t control, the ones in the cloud. In the two cases, digital asset are anything with an owner that is in a digital file.
Caroll defines five categories : devices and data, emails, online accounts, financial accounts, and online businesses.

These items are more and more interconnected, as for example emails serving as a common keyring to store accounts information, and as a mean to control and regulate your different accounts. Emails are the safety net in the case of loosing a password. Devices are also becoming more and more common, used as a masterkey, and they have their share of keys through the different applications, browsers, identification cookies, ..

Texts from the dead: Post-mortem digital communication has arrived

The different types of digital assets

Why do you need to consider the becoming of your digital assets upon your passing? Just because there are more than what you actually think. If you can’t list them all, chances are that they will not be listed by someone else, and precious heritage can finally be lost for everyone. Or, if there are things that you wish were deleted, but were not, your last message may not be the one you wished for.  Inside the different assets type, you have:

Business accounts: let’s say you own an account for any business. It’s full of your clients information,  invoices and different bills. These information are critical for your business partners, colleagues or the whole team. For a doctor, it may contain the life history of your patients, with full, potentially life-saving, information.

Social media accounts: obviously, you won’t be able to communicate with your network, but the social networks do have a treasure inside: old exchanges, pictures, videos and other assets. And they can be the base of an online memorial.

Financial assets: this one is quite self-explanatory. Banks are more and more accessible via web interfaces, and may have services storing online currency, like bitcoins. And we’re not speaking about the Amazon, eBay, Paypal websites..

and last but not least:

Personal assets: can you list the totality of your services? I guess not.. Pictures, videos, emails, texts, mms, smartphone apps, … And why not computers, locked by passwords, or medical records, legal files, …