Can your next-of-kin inherit it?
Digital inheritance is perhaps something that’s not really heard of some more than 10 years ago. It’s a term or phrase that most people will not really think much of or care enough to know more about.
However, in recent years digital inheritance is becoming more and more of a common thing. It isn’t just a popular fad, but it is also legitimately something people should look into.
If you own digital assets then you should read into this more. It will affect you because you have a share in it.
What is digital inheritance?
For anyone and everyone who does not know or has yet to know, this is what digital inheritance means. It means assets you own online, assets that are under your name and all. These assets usually help you make money and generate income if you are successful at it.
Digital inheritance can be assets such as cryptocurrencies, NFTs, and similar digital items. These digital items will help you generate income if you are good at it. Some people may earn a lot from it, while some others, not so much.
Who usually owns digital assets in Malaysia?
Anyone who invests certain amounts of money into digital assets, basically. Most popular digital assets are usually cryptocurrencies and NFTs. Cryptocurrencies may probably be more popular here.
It should not be a huge surprise because there are quite a number of Malaysians who invest in cryptocurrencies. They may have extra disposable income at hand so that’s why they spend it on investing in cryptocurrencies.
There are various e-wallets and cryptocurrency websites where Malaysians sign up for an account and start investing there. These e-wallets usually come with a key and/or a passcode for the account holder.
Can you list digital assets in your wills?
The short answer is yes, you can do that. Many people don’t actually know this because they think it will not be accepted or recognized. It is recognized and it is accepted. The process of listing your digital assets in your wills is very straightforward and easy too.
All you need to do is to list all the locations of your digital assets down in your will. Include the keys and passwords in your will. After that, of course, your next step is to divide up how much each of your named beneficiaries will get from your digital inheritance.
Get a lawyer to help you out with this too. You can actually update your wills periodically where and when you can. When you have acquired new assets or given up some, just update it. Cryptocurrencies and other digital assets are valid assets and do mean something.
How do you “include” digital assets in your wills?
Although including digital assets in your wills is easy, there are some other aspects you should consider too. When you have listed your digital assets on your will, you should mention where they are located online?
Is it a website? Do you have an account there? If you do have an account, how many are there and how do your beneficiaries access it?
List all of this information down. That’s why many people will advise you to list your login IDs and your passwords or keys. List all of this information down in a document and attach it with your wills.
When you have listed the login IDs and passwords, come up with an instruction document on how to access it. Do a step-by-step guide if you have to. Also, make sure that it is easy for your beneficiaries to understand and access your accounts.
Digital inheritance is becoming a more and more common asset that many people own. It isn’t as rare as it was before and many Malaysians actually own some kind of digital inheritance. If you need assistance for your wills and including your digital inheritance, feel free to reach out to us today for help.