The Digital Dimension of Heritage: Exploring Digital Assets

As society fully embraces the digital age, our heritages, whether personal or professional, are evolving to include a new component. The latter refers to digital heritage, a field that remains, for the time being, devoid of formal legal definition.

The Diversity of Digital Assets

Digital wealth, in its current acceptation, refers to a variety of digital assets endowed with patrimonial value. These assets include crypto-assets, such as crypto-currencies, non-fungible tokens (NFTs), and online accounts, ranging from sports betting platforms to crowdlending, modern financial services such as Paypal, Lydia, Revolut, N26, and many others.

However, the world of digital assets is not limited to the financial sphere. It also encompasses digital accounts that, while not necessarily possessing monetary value, have inestimable sentimental value, such as family photos stored online, social networks that document our relationships, blogs that capture our thoughts or streaming platforms such as Spotify and Netflix that house our digital entertainment.

Managing these accounts effectively means not only protecting sensitive financial information, but also considering the preservation of personal content and digital memories. As a notary, understanding this duality of value is crucial to best advising your clients in the management of this digital heritage.

When it comes to passing on assets, whether physical or digital, planning becomes all the more crucial. The succession of digital assets raises specific issues, notably in terms of security, access to accounts, and transfer of ownership.

The Importance of Digital Inventory

In view of this diversity, the first step towards effective digital asset management is to draw up a detailed inventory. This process not only makes us aware of the value of our digital assets, but also enables us to define clear strategies for their use, preservation and even future transmission, particularly in the context of succession.

The rapid evolution of technology and online platforms makes it even more crucial to constantly update this digital inventory. Online services can disappear, privacy policies can change, and new digital opportunities (or challenges) can emerge. So, a regular review of one's digital assets ensures that all information is up to date, and that decisions made with regard to these assets remain relevant.

Notaries have a key role to play in supporting this process, guaranteeing a clear vision of what the customer owns.

Practical Tips for Digital Asset Management

1. Inventory and classification: Encourage your customers to draw up a detailed inventory of their digital assets, classifying them according to nature and value.
2. Security and access: Make your customers aware of the importance of online account security, and encourage them to share access information securely with friends and family.
3. Consideration of Legal Aspects: Be sure to inform your customers about the legal aspects surrounding the transfer of digital assets and recommend, if necessary, consultation with a legal professional.
4. Succession planning: Integrate digital assets into the estate planning process by discussing the customer's wishes regarding the future management of these assets.

Conclusion: Integrating digital technology into estate planning

In conclusion, digital assets offer a new and complex dimension. An understanding and awareness of the value of these digital assets is essential for comprehensive asset planning.

By helping your customers to understand the complex nature of their digital assets, and supporting them in the development of management and transmission strategies, you play a crucial role in preserving their wealth.

Would you like to know how Solal Tech can help you in this area? Discover our use cases!