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.

Learn How to Preserve Your Data with Take Control of Your Digital Legacy

US digital legacy laws in 2013

New Hampshire recently gave some thoughts about what happens to your facebook page when you die. More precisely, legislation is being changed so that an estate executor would be in a position to get a hold on the different social networks, emails, … after the death of the owner – which is something that is not the custom today.

Peter Sullivan is the State Rep. who started the movement of digital estate planning in the New Hampshire House of Representatives, which accepted this bill 222 to 128. The goal of these legislation is namely to give a better control of the situation to the persons who just suffered from a loss.

The other states so far are Rhode Island, Connecticut, Oklahoma, Idaho, and Indiana. The first and the second were the first states to introduce a control of digital legacy, but at the same time only applied on a limited number of services. Oklahoma was supported by a state legislator, Ryan Kiesel. Kiesel helped draft the texts, but according to his own advice, the issue must be addressed to by the federal government.

 

Let’s have a quick look at the different states and statuses. Here are attached links to the different texts concerning the current laws (as of beginning of 2013).

 

Rhode Island: The legislation simply allows an executor to access the accounts of emails of the departed.

Source: http://webserver.rilin.state.ri.us/Statutes/TITLE33/33-27/33-27-3.htm

 

Connecticut : The same applies – and still the question of social networks is not raised.

Source: http://www.cga.ct.gov/2005/act/Pa/2005PA-00136-R00SB-00262-PA.htm

 

Indiana: The executor can be granted access to “information being stored online”.

Source: http://www.in.gov/legislative/ic/code/title29/ar1/ch13.html

 

Okhlahoma: The text gives the executor (or an estate administrator) the right to be granted the access to emails, as well as social networks, accounts.

Source: http://legiscan.com/OK/bill/HB2800/2010

 

Idaho: The Idaho text allows the executor to take over and control the account of the decedent, including the Facebook, Twitter, as well as any email provider. The major difference resides in the fact that the executor can resume the use of the account, even on a posthumous base.

Source: http://legislature.idaho.gov/legislation/2011/S1044.pdf