What will happen to your digital property when you die?
As Americans have a high ownership of digital property or digital assets, social media and email accounts, digital IP (such as blogs and articles etc) it is not surprising that most US States have moved to create legislation to permit Executors and Trustees complete access to a deceased person’s digital assets.
Whilst Australia does not have equivalent legislation presently there is no doubt that we will see the introduction of the equivalent of the Revised Uniform Fiduciary Access to Digital Assets Act.
While we wait for Australian Parliaments to catch up with reality there is still action you can take to ensure that your estate planning documentation (Will, Enduring Power of Attorney, etc) has specific provisions that will enable your Attorney or Trustees authority to act in respect of your digital property.
Many young people believe that because they do not have substantial monetary assets they do not require estate planning documentation such as a Will or an Enduring Power of Attorney yet they do have extremely valuable digital property or digital assets in the form of email and social media accounts as well as digital IP which speaks to them as a person and to their life. Such assets demand estate planning documentation for their protection.
Don’t leave a mess. Plan beforehand and leave a legacy.
McColm Matsinger Lawyers will help you.