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.