Do you use a computer or any other device with access to the internet? Well, if you’re reading this, the answer is probably yes. Most of us who make use of these devices are often unaware of the information that we store digitally.
This is often due to us taking most of these features for granted. Even if we are aware of Digital Assets, not many even think about what happens to these assets following the death of an individual. That is where Digital Estate Planning comes into play.
The rise of technology and the rapid improvements made to the internet have changed the way the world works. As we move towards a completely digital future, it becomes imperative that we understand what Digital Assets are and what roles they serve.
In this case, when we say Digital Assets, we aren’t talking about the digitally stored information that is merely personal and of no monetary value. These Digital Assets possess value and then the question that naturally arises is how this value is determined and what kind of assets actually have a monetary value.
Digital Assets That Have Monetary Value:
If you ask someone what they would do given the opportunity to go back in time, a vast majority would say they would invest in bitcoin. What was and still is seen as a big risk, the growth of bitcoin is what made the cryptocurrency market such a huge deal in the information era.
Unlike conventional currency, cryptocurrency is totally digital and depends on computers for circulation. They’re also outside the control of most governments to some extent. When we mention monetary Digital Assets, cryptocurrencies are always the first ones to make the list.
Blogs, Videos, Pictures
While cryptocurrencies are all the rage these days, they’re not the only Digital Assets with monetary value. We now see influencers on social media platforms who get paid and blogs that are monetized for revenue.
Third-Party Payments Sites
In addition to the assets that we create, the accounts that we use to manage money such as bank and PayPal accounts are also monetary Digital Assets.
Unlike other monetary Digital Assets, the individual must ensure that any pending dues are withdrawn before asking the third party to close their account following their death.
For Paypal, you can either arrange to have the money sent somewhere, or you can designate a person who will be able to withdraw the funds after you die. If you do neither, PayPal will close the account following the confirmation of the individual’s death. In this case, they will take the funds themselves.
The rise of silicon valley is what led to rapid development in the information era. At its forefront were software developers, with operating systems that were easy to use and the internet, the promise of a global world. Softwares are perhaps the most easily definable monetary Digital Assets as they never existed physically in the first place.
Amazon and eBay are massive stores, but many small retailers also sell their products and services on these sites. The accounts these small businesses use are also monetary Digital Assets.
Like with a PayPal account, the pending dues must be withdrawn by the beneficiary of a deceased account before the account is closed. As these accounts are owned by the sites, their transfer is not allowed. Thus the stocks and bank accounts will be transferred to the beneficiary.
As we move closer towards complete digitalization, it is vital that we understand what monetary Digital Assets are and how they work. Monetary assets are prone to threats from other individuals by hacking or other scams. Thus securing your data becomes an important procedure.
Securing data becomes even more vital in the case of an individual that has passed away or has become incapacitated as their accounts are easier targets for hacking due to the lack of usage. By making use of a Digital Estate Plan, you safeguard the monetary Digital Assets that are helpful not only to you but also to your family as well.
Now that you know how Digital Assets can be of monetary value, you can understand the importance of preserving them for the sake of you as well as your loved ones. By signing up with a Digital Estate Planning service, you can rest assured that your Digital Assets are secured for the future.
Sign up with Clocr today and secure your Digital Assets for the future.