Have you ever wondered what happens to your social media after you are gone?
It might sound uncomfortable, but it’s a thought that must have crossed everyone’s mind at some point. We accumulate many digital assets throughout the course of our lives. This digital wealth could be social media, cloud accounts, or other files and folders. Then what happens to all those digital accounts after we are gone?
Will your family inherit them as well?
If so, can they access everything without your help?
These are a few questions that run through our minds. Rest assured; the Law has provisions for digital legacy also. Following these could save you from losing valuable assets and even unnecessary headaches for your family later on with a probate application in Victoria.
Including an e-Register
First, you need to know that legal rights related to physical or financial assets do not apply to digital possessions. They must be dealt with differently.
The first essential is to have the right information about your digital assets. Only then will one understand the due course. Thus, consider leaving an e-register listing all your digital assets and your official Will.
This also saves your kith and kin a lot of hassle. Besides, in some cases, it could be the only way anybody will know what you own. Otherwise, it’s a hassle to access some accounts. Hence, try to be as organised with your digital possessions as you are with physical and financial assets.
Ensure Privacy
The Australian constitution doesn’t include a right to privacy. However, there are several laws that address relevant topics.
Nevertheless, not all of them guard the dead. For example, someone may have unrestricted access to your digital assets after your death, so be careful to whom you provide access to your accounts.
It’s very much possible to become a victim of cybercrime even after one’s death. Your identity can be stolen using online accounts and publicly available information, which is something less likely to be recognised after your passing.
Hence, it’s crucial to have someone who can make sure your information isn’t destroyed or made publicly viewable.
How to Organise Digital Assets?
Organising digital assets is a much-needed process. Follow the below three steps to get started. If confused, you may even take your lawyer’s assistance.
- Make a list: Prepare a list of all digital assets you own and their locations before generating an e-register. Movies, ebooks, music, and other material, as well as the services from where you purchased them, may be included on the list.
Online accounts, such as social media, should not be overlooked. Email accounts are also vital since they may include critical information or connected files that your family may require.
Finally, you could have treasured memories or vital documents stored on online backup and storage services like Google Drive, Microsoft OneDrive, Apple’s iCloud, Dropbox, and others.
After you have gathered all the information, you can decide what is important to include in your e-register.
- Organising files and folders: Your files and folders might have gotten disorganised over time. This could not be an issue for you as you know where everything is. But for others, it could be a jungle.
Because your loved ones may not be aware of these insights, do the needful and clear out your computer and internet storage services. Put key pictures in distinct albums or folders that are properly labelled for each event. Sort all of your files, including documents, comparably.
Most importantly, eliminate any outdated material you come across to reduce clutter, while you are at it.
- Online accounts: When handling a person’s estate, managing online accounts can be challenging. Data transmission between accounts is occasionally forbidden, and sharing of usernames and passwords is also prohibited. Upon one’s passing, the service or website could also freeze your accounts.
However, if you provide your relatives with your login information, they might be able to temporarily access some of your accounts. You can save all those login credentials in an encrypted folder to keep cyber criminals away. You may also write them down by hand and preserve the list in a secure location.
Some password managers also include a digital legacy feature that enables you to designate a person to get all your passwords and notes in the event of passing.
Create Back-Ups
It’s best to back up everything you can to keep things secure once you have gathered and downloaded whatever you need.
You may back up to local storage and the cloud with some applications. Backing up like this is the best way to ensure everything is secure. To prevent being disconnected from your cloud backup service, be sure to allow the payment obligations if it requires a recurring subscription.
If you back up to a physical disc, use an external one solely for backups. Also, retain a current copy of that drive.
Final Thoughts
Now virtual platforms and assets have become a major part of our lives. It is almost impossible to separate reality from virtual. That is why it is also important to consider digital assets while preparing your Will.
If you have trouble with digital assets or simply wondering how long does Probate take in Victoria, consider consulting a professional. It eases your stress as well as the whole process of Wills and estate planning.
Here’s who we think is best when it comes to Wills and probate— Probate Consultants. Their expertise is efficient and reliable. You can even book a free consultation with them before making your decision.
Feel free to comment about any questions you may have, whether it’s about probate application in Victoria or how to create a Will.