What is your Executor's Legal Status Re: Your Digital Assets?

What is your Executor's Legal Status regarding your Digital Assets?

Non-Economic Digital Assets

Unless adequate arrangements are made in advance via Digital Asset Directions / Smarter Digital Legacy Plan, your Executor / Digital Steward may not be able to access your phone, computer, cloud storage or email accounts without the passwords… and knowledge of which two-factor authentication method is used (if applicable).

Even if they have legal permission from an Enduring Power of Attorney +/or your Will!

Economic Digital Assets

Your Executor / Digital Steward may still be able to exert legal access to/control your Digital Assets (in some cases Grant of Probate may be required) assuming they:

1️⃣ Are aware of the existence of your Digital Asset; and

2️⃣ Your Digital Asset has economic value.

Digital Assets that can be converted to fiat currency in the real world have economic value, such as the following:

💰 Online Banking;

💰 Cryptocurrency;

💰 PayPal or Square balances;

💰 Affiliate income;

💰 Website Domain/s;

💰 Trade Secrets;

💰 Influencer (Advertising Revenue Generating) Level Social Media Accounts;

💰 Creative Works - Music, Video, Digital Art, Writings, Photographs, etc.

As part of your Digital Legacy Planning we recommend you also consider whether your Digital Assets:

❓Generate a revenue stream or have the potential to do so?

❓Are valuable Intellectual Property?

❓Are required for the continuation of your business?

❓Are creative assets, or unreleased or unfinished works?

❓Are items you would like to keep private?

❓Whether your Digital Assets have an associated NFT (a.k.a. Non-Fungible Token)?

To learn more about NFT's we recommend our FAQ: What in the World is an NFT aka Non-Fungible Token and are they really traded on a platform called the OpenSea?

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.