When it comes to estate planning the usual considerations come to mind such as property, savings, shares, and superannuation and GST implications. One area that is often overlooked is the ownership of digital assets.
Given the technologically driven society we live in, it is surprising that people do not factor their digital assets into their estate planning.
One such digital asset to consider is social media platforms, such as Facebook, Instagram or Twitter. Although many people simply utilise social media as a tool to share photographs and keep in touch with friends and family, it is becoming increasingly common for businesses to use social media as a marketing and advertising tool. Further, the social media content created by creative influencers, for example bloggers, is likely to have value and may even be considered to be a type of intellectual property.
Given entire generations are now growing up using social media some thought must be given to the digital footprint that lives on after we die. Surprisingly, it is estimated that the number of Facebook accounts held by people who are dead could outnumber those held by living persons by as early as 2060.
Another type of digital asset that must be considered is digital wallets, such as PayPal, or cryptocurrency accounts that may have money stored in them. Such accounts will not necessarily be frozen when you pass away, as is the normal process for bank accounts.
To ensure your Will is up to date and includes all of your assets, including digital assets, please contact our experienced Wills and Estates Lawyers at your Gold Coast Lawyers, McLaughlins Lawyers.
We are also happy to answer any questions regarding Wills, Powers of Attorney, Probate or Estate Planning. Please contact Teresa Kearney or our team if you require our assistance.
Author: Alex Hamlyn
Director: Ian Kennedy
Date: 22 October 2018