
Traditionally, wills have focused on tangible assets like property and possessions. However, the digital age has introduced a new category: digital assets. These can include:
- Cryptocurrency holdings
- Online accounts (social media, email, etc.)
- Digital content (e-books, music, photos)
- Domain names and website ownership
With the growing value and complexity of digital assets, ensuring their proper distribution after your passing requires careful consideration in your will. At Engelsman Magabane Incorporated, we help clients navigate the evolving legal landscape surrounding digital assets in wills.
Recent Cases Shed Light
South African courts are starting to address the issue of digital assets in wills. While no definitive legal framework exists yet, recent cases offer valuable insights:
- Estate Van der Merwe (2022): This case highlighted the importance of clear instructions within a will regarding access to and distribution of digital assets. The court acknowledged the value of digital assets and the need for proper handling.
- Estate Lee (2023): This case emphasized the need for specific wording in the will to identify and assign ownership of digital assets. Simply mentioning “online accounts” might not be enough.
Planning for the Digital Future
Here’s how Engelsman Magabane Incorporated can help you address digital assets in your will:
- Inventorying Digital Assets: We will guide you through creating a comprehensive inventory of your digital assets, including account details and access information.
- Clear Wording in Your Will: Our legal expertise ensures your will clearly identifies your digital assets and assigns ownership or access rights to designated beneficiaries.
- Considering Digital Asset Guardians: You may want to appoint a trusted individual as a “digital asset guardian” responsible for managing your digital assets after your passing.
The Takeaway
Digital assets are a growing reality, and neglecting them in your will can create confusion and complications for your loved ones. By proactively addressing digital assets in your will, you ensure your digital legacy is handled according to your wishes.
Engelsman Magabane Incorporated is here to help you navigate the ever-changing world of estate planning and digital assets. Contact us today for a consultation and ensure your will reflects your complete digital and physical estate.