What is digital asset protection
Inheritance, although typically a tangible estate to bequeath to your loved ones, can also be in the form of digital property such as photos, movies, home videos and emails stored on a computer. This area of digital asset protection is particularly confusing and may only allow for individuals to leave their digital assets if they stored their online property with a particular manufacturer/company.
For more information on digital asset protection and inheritance, or to find out how DeltaQuest can assist you with asset protection, please Contact Us.
How digital asset protection can be achieved
Protecting your digital assets when you die can be highly complex as many companies selling digital media only permit the customer to rent the license of media usage as opposed to owning the license to use it. This means that the owner has no legal right to bequeath the media to loved ones and thus transfers ownership of title. Unlike the traditional CDs and DVDs, digital media is particular difficult to leave to beneficiaries due to the vast legal restrictions and privacy laws in place.
With respect to personal videos, photos, artwork etc you do have the right to leave such property to your loved ones however, the method of doing so is vague to many. It is permitted to leave passwords and usernames in your will for your loved ones to access your digitally stored property however in some cases; a will becomes a public document rendering the content available for public viewing. This means there is a high risk of claims, fraud and ID theft by leaving your digital assets and access passwords in your last will and testament.
Digital estate planning companies can offer you an alternative digital asset protection approach from leaving your usernames and passwords in a will, by storing your personal information in a secure and confidential manner (encrypted data). These specialized companies will protect the information given to them for an annual fee and will not release the information to the nominated beneficiaries until several checks have been conducted to ensure the testator has in fact died.
Digital asset protection can be best achieved through the use of digital estate planning companies however a testator can also use their will as a platform to bequeath their online property to their beneficiaries.
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