Home » Digital assets in the spotlight

Digital assets in the spotlight

Posted by Michael Perkins | 03 April 2018 | News & Events

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.

Related Articles

1 Minute Read

read more

Elder financial abuse | Panel interview featuring Michael Perkins

09 July 2018 | News & Events |

Getting older isn’t always roses and sunshine with many of our elder citizens falling victim to family members or carers eager …

1 Minute Read

read more

STEP conference calls for new digital assets laws

09 July 2018 | News & Events |

Nexus representatives Michael Perkins TEP and Jayne Humphreys TEP, joined international experts, financial experts, barristers, lawyers and accountants in Sydney last …

3 Minutes Read

read more

Nexus – what do we do?

18 June 2018 | News & Events |

Contrary to popular belief – lawyers are really interesting, helpful and friendly people.  I should know, I have been speaking with …