As our lives become increasingly digital, the need for a legal framework surrounding digital assets has never been more pressing. Digital asset wills address the transfer of online accounts, cryptocurrencies, and digital files after death. Here are three practical examples of legal considerations when creating a digital asset will.
In today’s world, many individuals have numerous online accounts, such as social media, email, and cloud storage. These accounts often contain personal and sensitive information that needs to be addressed in a digital asset will.
In this context, a digital asset will should include clear instructions on how to access these accounts after the owner’s passing. For example, the will could specify the executor’s role in retrieving the deceased’s Facebook account, allowing them to memorialize it or delete it as per the deceased’s wishes.
An example clause might read: “I grant my executor full access to my digital accounts, including but not limited to my Facebook, Google, and Dropbox accounts. They are instructed to memorialize my Facebook account and delete my Dropbox files.”
Notes: It’s advisable to provide usernames and passwords securely, perhaps in a password manager, and to inform the executor of their location.
Cryptocurrencies have surged in popularity, and many individuals hold them as part of their investment portfolios. However, the legal considerations surrounding these digital currencies can be complex due to their anonymity and decentralized nature.
A digital asset will should explicitly outline the management and transfer of cryptocurrencies, including wallet access and private keys. For instance, the will might state: “I direct my executor to access my cryptocurrency wallets, identified by the following public keys: [insert keys]. My assets are to be liquidated and distributed equally among my beneficiaries.”
Notes: It’s crucial to ensure that private keys are stored securely, as loss of access can result in permanent loss of assets.
For individuals who create digital content—such as writers, musicians, or software developers—intellectual property rights are a significant aspect of their digital assets. These rights can include copyrights, trademarks, or patents.
A digital asset will should address how these rights are to be managed and transferred. An example clause could read: “Upon my death, I transfer all rights to my published works, including eBooks and music tracks, to [Beneficiary’s Name]. My executor shall ensure that all necessary registrations and transfers of rights are completed in accordance with applicable laws.”
Notes: It’s advisable to consult with an intellectual property attorney to ensure the proper language and legal compliance are included in the will.
These examples illustrate the importance of including specific legal considerations in digital asset wills to ensure that digital assets are managed and transferred according to the deceased’s wishes. By anticipating potential issues and addressing them in a will, individuals can provide clarity and security for their beneficiaries.