The value of digital assets
Digital assets can take on many different forms, including photos, videos, music, ‘apps’ and other personal property which is stored in a computerized format. It is considered that all property stored on mobile phones, MP3 and iPods, tablet, laptop and computer devices are ‘digital assets’. When considering how to store your digital assets and the options available for you to leave them to your loved ones, it is advised that you consult with a professional within the industry to guide you on the necessary steps to take and factors to consider
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Value of digital assets explained
Digital assets will take on one of two types of ‘value’, namely; sentimental or economical.
Sentimental assets are those, which have no real market value and could not be sold commercially for generating any real revenue. Such assets can include; family photos, home videos, emails, and personal compositions, writing or art (stored digitally).
In most cases digital assets are sentimental and although have no market value, are precious to the owner and their family and so will be left to loved ones when the owner of the property dies.
Digital assets of economical value are assets that have a real market price and could be sold, auctioned or used as a valuable asset for some other purpose. Digital assets of economical value include property which is purchased digitally or which holds actual monetary value. Examples of economical digital assets include; iTunes, eBooks, eMovies, valuable artwork or musical compositions and variable financial information.
Regardless or whether your digital assets are sentimental or economical in value, you are entitled you bequeath them to your loved ones. It is risky leaving any form of digital asset with passwords and sensitive data in your will as it could become a public document once you die and thus be viewed by creditors. Instead, it is advised that you enlist the services of a digital estate planning company.
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