 "Secure your digital assets")
With multiple email accounts, online financial activities, and information-exchange through social media, people are unknowingly creating digital assets in the form of email messages of important investment transactions, personal data, pictures, videos, blogs, etc.
According to experts, most of us take these assets for granted by not making provision for the same. In a sense, digital data is a heritage that one creates for oneself. Hence, it's important for such data to be bequeathed to the right hands.
"As of now, only HNIs (high networth individuals) and informed customers have started making provisions for their digital assets by mentioning it in their will," says Prashant Mali, president of Cyber Law Consulting. "Like property and jewellery, digital data such as login IDs, passwords, account numbers, and security questions are also making their way into wills now," he adds.
For instance, investments in stocks, mutual funds, fixed deposits, and Public Provident Fund can all be done online. Additionally, people get alerts and updates of their financial activities on emails and mobile phones, making it imperative to not only secure this data but also make sure you pass it on to trusted members of your family.
These days, medical history is also recorded online. For instance, many doctors maintain the health history of a person in a digital format along with the prescribed medicines. So much so, many pathology labs generate medical-test reports online after the test is done.
Things to include in a will: Experts say people should include information such as bank account numbers, login IDs, demat account numbers, passwords (subject to change), security questions, NSDL account numbers, mobile-banking password, etc. in the will. This will help your dependants get better access after your death.
Clearly, if you have made a will mentioning this, one need not worry about someone reading your personal and saved emails or conversations after you are dead.
What happens to this digital data after your death? Digital data such as email accounts and photos can be misused if they are not closed, deleted, not in use or its user is dead.
Pavan Duggal, cyber law expert and a Supreme Court lawyer, says, "Simply making a will isn't enough anymore. One should include this digital data in the will, which will help the dependants access the digital assets and take appropriate decisions."
Earlier, wills only emphasised transfer of money or assets but now it is also about access to digital assets. Such wills are better, because assets like property, jewellery, and investments are transferable to their legal heirs even if it is not mentioned in the will, whereas nobody gets access to digital data unless the person has made provision for this.
Ram Sangapure, general manager at Central Bank of India, says, "In case an investment product doesn't have a joint holder or nominee, but the same is mentioned in the will, then we take necessary directions from the court to execute the order." Hence, it is important that one keeps such minute details in mind while making a will.
Making a digital will: One needs to take legal help for this. A variety of digital assets are compiled and made into an inventory. Movable and immovable assets are valued and declared to whom it can be passed on. "Chances of a digitised will being disputed are slim because registration is mandatory and has more weightage than a physical will," says Duggal. Reason: a physical will can be easily manipulated and faces a storage problem.
Digital signature has to be purchased from a certifying authority - for example, from Mahanagar Telephone Nigam Limited. However, it has to be updated annually. It costs about Rs 1,200 to 1,500 annually. The entire cost of a digital will can run into a few thousands. This will can further be stored with a safe depository which renders similar services.
Google Tool: A recently-launched tool called 'Inactive Account Manager' helps you inform Google what you want to do with your digital data after you stop using it for a while or after your death. If your account was unused otherwise, it would have remained active forever. However, with this tool, you can make sure your email account is either transferred or deleted after you don't use it for a period of time. Users can choose 3, 6, 9, or 12 months as the time-out period and Google will send a notification to the secondary email address one month before the period is set to expire.
"One can use this tool for passing on their social data. However, sharing financial data should be avoided. This should be maintained on a personal digital will," adds Mali.
ADVANTAGE DIGITAL
- Email IDs/photos face the threat of misuse, if not used for a long period of time
- Add account numbers, login IDs and passwords in the 'will'
- This will give easy access to your trusted family members who can protect your digital data
- A digital will is better than a physical one
- Physical will is easy to be manipulated and faces storage problem
- Hire a lawyer to make a digital will
- Use Google Tool only to protect/transfer social data such as photos, videos and blogs