People may not realize it, but wealth has been improving from the day that technology came to life.
We see the assets such as cash in hand, cars, houses, and electronic devices that we own. What we don’t see, or even consider are the digital assets in the new technology-dominated era.
Probably wondering what digital assets are, right? Well, this read is determined to give you information along with the very possible idea of passing it on through generations and creating your legacy.
McAfee, being a brand that focuses on bringing down cybercrime and threats by using the unity and togetherness in the society against it with antivirus and digital security products, also publishes welfare blogs that are directed to benefit the world.
The Senior Vice President of Consumer Marketing at McAfee threw some light on the fact that digital assets, like any other thing people own, can be passed on to your beneficiaries or let’s say the next of kin.
Let’s take a look at what exactly are digital assets, what can be passed on and what can not, and of course how to do it.
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What Do Digital Assets Refer to?
Digital assets are, in simple terms, anything that individuals or organizations own or have acquired throughout their lives and exist in a digital form. This may include texts, audios, animations, graphics and videos.
However, talking about the world we live in, any document or handwritten work can be transformed into a digital format by scanning them or simply clicking pictures.
Along with that, there are emails, e-commerce profiles, social media handles, streaming services, eBooks, music libraries and so much more. Well, good news, all of it can be passed on to the people you love and care about.
With a rise in subscriptions to different channels, online store shopping, and digital currency it is hard to calculate an individual’s wealth when combined with their physical assets.
This may be a good reason to start planning your estate for your digital assets. But before that let’s paint you a clear picture of what can and cannot be considered as digital assets.
Digital Assets That Must Be Passed on
Digital assets, same as other things, get passed on as a part of your will. Here is a list of items that can help you understand what can you pass on to your family after your demise, as pointed out by the Senior VP of Consumer Marketing at McAfee:
- Digital Movies
- Digital Currencies
- Digital Music
- eBook libraries
- Picture libraries
- Hotel points
- Air Miles
The list above pretty much sums it up but can also expand:
- Streaming service subscriptions
- Subscriptions to online publications
- Accounts for online gaming and items associated
- Reserved currencies on online payment portals
- eBay, Etsy, or other business websites
- Domain names for websites
- Significant documents in the cloud storage
- Funds in online payment applications
And when it is about estate planning you must consider:
- Financial accounts associated with online banking
- Chat rooms, email accounts, and message boards
- Medical and/or insurance accounts
- Utility accounts and blogs
Digital Assets That Cannot Be Passed on
Above is the list of things you can add to your will to leave a legacy for your future generations when talking about digital assets. However, the McAfee member made it clear that some accounts in the list above cannot be handed over to anyone unless it is specified in your will:
- Email accounts
- Social Media Handles
- Online Payment Apps
For instance, whether you want your social media accounts to be closed or you want them online in your memory, needs to be specifically written in your will with following the policies of each social media service.
Let’s say, Mr A did not share any access to his digital assets with his executor, and after his demise, his kids could not find access to his work in writing as they were saved in a cloud. Even when the cloud company holds the data, they cannot disclose it to people without having it written and legalized.
Talk to your representative or attorney, go over the estate laws in your country, and then carefully pen down everything you want to pass on as a part of your will.
McAfee suggests that your digital assets, like your physical possessions, need protection too. The best way to do that for a longer period is by enabling comprehensive security protection.
Read Also >> Why should you invest in McAfee Mobile Security?
It is better than any antivirus, uses encryptions to protect your data and identity, and keeps all your accounts safe with strong and unique passwords.
Well, people do not pay much attention to their digital assets as much as their physical assets. However, this read is focused on changing what people feel.
This read is all about digital assets- what they are, how they can be passed on, what can and cannot be passed on, why sharing access with your executors is significant, how you can protect it, and finally, how you can make it your legacy.