Nexus representatives Michael Perkins TEP and Jayne Humphreys TEP, joined international experts, financial experts, barristers, lawyers and accountants in Sydney last week to unpack the complexities surrounding an individual’s digital assets in the event of their death or incapacity.
The conference, held under the auspices of the Society of Trust and Estate Practitioners in partnership with Nexus Law Group, heard that the lack of legislation in Australia that would allow for a fiduciary to access digital assets on behalf of an individual is putting digital wealth and data at risk of being lost.
Digital assets could include email, intellectual property, social media accounts, book and music libraries, and even confidential business data.
An individual’s right to access their digital assets is governed by the terms and conditions agreed to when the account was created. Someone other than the owner accessing a Facebook or Twitter account following their death, for example, could result in a breach the service agreement and therefore a criminal act.
The conference heard that new laws were essential for the protection of digital data.
The event was well attended by members of the press with The Australian and the Sydney Morning Herald reporting. If you would like a copy of the Australian’s article please contact us but the article by the Sydney Morning Herald can be accessed by clicking here: SMH Article.
If you have any questions or need guidance regarding digital assets, please contact Michael Perkins ([email protected]), Jayne Humphreys ([email protected]) or telephone Nexus Law Group on +612 9016 0141.