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How to bequeath your digital assets

When planning for your estate, you should consider preparing an e-register of all the digital assets

January 28, 2021 / 09:47 AM IST

As they say “Death is the golden key that opens the door to eternity.” Unfortunately, that key won’t be able to unlock your Bitcoin wallet or provide access to your LinkedIn account. There is no doubt about the fact that technology is an integral part of our lives. We have virtual friends, family, love, fights, business and, of course, assets. On death of a person, the real existence ends immediately but the virtual life lingers on for some more time. These digital assets provide lasting legacy to loved ones about the things that were important to the deceased, his/her values and memories.

Know your digital assets

Digital assets include all your virtual belongings – ecommerce websites, domain names, e-wallets, digital currency, monetised digital contents etc. Non-monetary assets include social media accounts, email accounts, photographs, music libraries, blogs, cloud storage accounts etc. Some of the so-called digital assets are licences that expire upon the death of a person. For example, Kindle book account, access to music or video streaming services etc. are mere licences to use during your lifetime. While it is important to plan for all the digital assets, some of the social media platforms have their own rules on what happens to these accounts upon the demise of the user.