The value of each Australian’s online assets is growing, but not many people have organised what happen to them when they die.
Kate Horman, founder and director of The Lazy Lawyer, said the average value of a person’s online assets is about $35,000, but most people don’t have a plan for their digital assets when they pass on – nor do they realise what assets they have.
“We’re entering a new frontier in terms of the legal safeguards people need to put in place for when they die,” Horman said.
Digital assets include emails, social media accounts, software licences, websites, domain dames, digital subscriptions and online content.
“These all make up the rich and varied tapestry that is your “digital identity” which unless taken care of will either be lost or potentially misused,” she said, adding that people have wills to distribute physical assets, but not digital ones.
Without clear direction over who controls your online identity after you’re gone a new area of litigation is opening up, Horman said.
The company has released an Australian digital will and assets register, which it claims is a legally enforceable will allowing you to appoint a “digital executor” to deal specifically with digital assets.
The register is a database detailing all your online assets including usernames and passwords.
“Very few people in Australia have even heard of such a will, but considering that we now live online as much as we do in the physical world, it’s imperative Australia keeps up with these developments to safeguard their assets,” the company said.
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