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In its April 21, 2012 issue, the Economist addressed the topic of what happens to digital property when its owner dies. Not only does the question concern email and Facebook accounts which were addressed in an earlier blog posting, but also virtual assets such as software that have a quantifiable value.
Interestingly, this is an issue with global reach, well beyond North America. In China, a local survey found that 20% of respondents owned digital property with a value in excess of $790. In India, a hub of technological development, the courts have already seen cases of wills that comprise digital estates.
The law, here and abroad, is unclear on whether executors can access, or beneficiaries can inherit, digital assets. The matter is further complicated by the fact that rights of access may also clash with providers’ privacy policies.
This issue has given rise to a nascent digital estate planning industry. One company, Entrustet, offers clients password protection and methods to deal with digital accounts on clients’ passing. The company also offers a list of “Digital Estate Planning Experts”, who are lawyers qualified to deal with digital assets. As this is a novel area of law, but one that affects many people, it will undoubtedly be one that estate planners, litigators and the courts are increasingly required to address.
Click here to read the Economist article
Click here to read about Entrustet
