An online will is a very convenient alternative to going through traditional lawyers.
On top of that, the right company can provide you with a complete and legally valid online will that your loved ones and family can read after your passing. That said, one thing to remember if you have digital assets is that you need to appoint a digital executor in your online will. You’ve come to the right place if you don’t know what a digital executor is.
Below, I discuss what a digital executor is, why you need one when making best online wills, and how to find the best one for your needs.
Let’s dive in!
What Is a Digital Executor in an Online Will?
When creating online wills, the digital executor you appoint is responsible for managing and distributing your digital assets after your passing. Your online will should always include your final wishes and what to do with all your assets, including the digital ones.
When you hire a digital executor, they’ll ensure that your digital assets are maintained or distributed according to your wishes.
So, if you have digital assets, whether that’s cryptocurrencies or NFTs, make sure to appoint a digital executor in your online will. You can get more about crypto currencies on https://coinmarketcap.com/all/views/all/
Digital Executor vs Traditional Executor
Digital and traditional executors play different roles in an online will. The traditional executor in a valid will is in charge of your physical assets, funeral service, and ensuring your assets are distributed to your loved ones accordingly.
However, the traditional executor will not be in charge of your digital assets. On the flip side, a digital executor doesn’t think about your physical assets at all. Instead, they’re in charge of the process of distributing digital assets.
It’s important that you have both a digital and traditional executor in your online will for the peace of mind that every asset you own is properly distributed.
Why Do You Need a Digital Executor?
Online wills providers give you a legal will just by filling out an online form. That said, it’s up to you to make sure that your online wills cover all bases and contain all your wishes. This is why you need to ensure that you name a specific digital executor in your legal will.
This section discusses the importance of naming a digital executor and how they can help overcome the common challenges of managing digital assets after death.
The Importance of Appointing a Digital Executor in Your Online Wills
While creating a legal will online is a straightforward process, this online service doesn’t cover all the bases. This is why you need to make sure that you name a specific individual to serve as your executor for digital assets. Remember, digital assets are fairly new, so you need to put in an effort to ensure someone will help manage these assets after your passing.
Common Challenges That Arise With Digital Assets After Death
You can easily name certain individuals who receive special gifts and assets after your passing. We’ve been distributing the physical assets of a deceased estate for a long time.
However, digital assets have only become mainstream regularly, so it’s common to run into challenges when distributing these assets after your passing.
Some of these challenges include:
- A lack of access and passwords for certain accounts
- Unsure ownership
- Lack of knowledge in transferring assets
These are just some of the challenges that your executor will face when you create a simple will without naming a digital executor.
So, to create a simple process after your death, it’s best to have a digital executor specifically named in your online wills.
What Happens When You Appoint Digital Executors in Online Wills
When you name a digital executor in your online wills, they will gain access to all your passwords and accounts after you pass away.
Expert lawyers recommend choosing someone you can trust for the process so that everyone receives the specific gifts and assets you want to bestow. When you pass away, your digital executor secures all your digital assets and distributes them according to the instructions on the legal documents.
Make sure to give clear instructions when writing your online wills, especially with digital assets, to avoid complicated disputes during distribution.
Benefits of Having a Digital Executor in Your Online Will
There are no additional costs to adding a digital executor to your legally sound online wills.
On top of that, naming a digital executor also comes with various benefits.
Some of these benefits include:
- Gain the peace of mind that your digital assets are safe
- Naming a digital executor is extremely easy
- They will handle all your digital assets during the end-of-life process
- Leave a lasting legacy in the digital space
- Avoid disputes and lawsuits around your digital assets
How to Choose the Best Digital Executor for Your Online Wills
Finding a digital executor is really tough for many Australians.
So, here are some things to consider to ensure that you choose the best possible person for the job.
Trust
Firstly, you have to make sure you trust the person.
Remember, this person will be in charge of all your assets when you pass away, so it’s best to choose someone you trust to distribute your assets according to the will.
Technical Ability and Knowledge
It’s important that your digital executor understands how to manage and distribute digital assets.
So, aside from choosing someone with tech knowledge, it’s best to include step-by-step instructions and a to-do list for them to follow after your passing.
Communication Skills
Lastly, you must ensure that your digital executor knows how to communicate your wishes effectively when creating your wills online. That way, you ensure an easy process when distributing digital assets after your passing.
Conclusion
An online will is a cost-effective and convenient alternative to a traditional law firm.
However, when making a new will online in Australia, it’s important to include a digital executor for your digital assets. Once you do that, you can rest assured that your legally binding will covers all bases!
More to read: Understanding What a Statement of Claim is in Property Law?
