Digital assets are a person’s digital or electronic property, such as emails, photographs, domain names, cryptocurrency (like Bitcoin), gambling and gaming accounts, and loyalty program benefits. These days, we all have multiple digital assets, but most of us do not turn our minds to what happens to those assets when we die. Unfortunately, the law has been slow to keep up with the advances in technology and how we live our lives, and as yet Australian law does not have express legislation that deals with digital assets.
Although there are fields of law and legislation that are relevant to digital assets – such as property, succession, privacy, and criminal law – the service agreements that govern the rights associated with a person’s digital assets tend to dictate the person’s ability to leave those assets to a beneficiary via their will. Unfortunately, most people are often not aware of the terms of those service agreements, and whilst we deal with those assets as though we ‘own’ them, that is not always the case.
For example, Qantas frequent flyer points not yet redeemed or transferred prior to the death of the Member will be cancelled with effect from the date of death, and Flybuys points cannot be transferred, sold, or given to another person.
In the absence of a clear legislative framework regarding a person’s digital assets after death (and this is complicated by many service providers being located overseas), people should at least bear in mind that ‘any unauthorised access to or modification of restricted data held in a computer’ is a criminal offence, and ‘unauthorised access’ is broadly defined.
If you want your executor to be able to access your computer after your death, you should take steps to clearly authorise them to do so. This can be done by for example, keeping an up to date list of passwords that can be kept securely in a sealed envelope with your will, and ensuring your Will clearly gifts the rights to your digital assets, as well as the authority to deal with them.
If you require assistance getting your digital assets in order, please do not hesitate to contact us on 9976 5222.
This information and information published on our website and social media sites is general in nature and for information and entertainment purposes only. This information does not constitute legal advice and should not be relied upon as such. If you require legal advice which takes into account your personal circumstances, please contact us for an appointment.