Digital assets in the spotlight

Digital property

There’s a lot to consider when writing up your last will and testament. Dividing your assets and leaving your belongings to your loved ones is a given – but have you considered who will inherit your digital property upon your passing?

The online world can be confusing, but it is vital you decide what happens to your digital assets when you can no longer maintain them – that is your intellectual property, private emails, online music collections, social media accounts and more. If not accounted for, problems may arise. The countless inactive Facebook profiles of deceased people is a prime example.

The New South Wales Law Reform Commission is looking into the issue and in the process of coming up with an alternative to these problems.

Our very own specialist in succession planning, Michael Perkins, was asked by ABC News about the Commission’s decision to review. “With the rising tide of the internet, the online economy and digital devices, the significance of digital data to day-to-day Australians is rapidly escalating,” he said.

“In dealing with digital assets, we’re dealing with a global community and a global economy,” Michael stated. “So, the best way to deal with it is to engage in the international trends and make sure NSW properly engages with this very serious and current global issue.”

The Law Reform Commission will report their findings and recommendations to the NSW Government after the review, which is estimated to take between 12 and 18 months.

Read the full story here.