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Protecting Your Digital Wealth

When we say “protecting your digital wealth” what are we actually referring to?? It might pay to find out as it has the potential to be more valuable then you might think!!

In thinking about your personal assets and the “digital footprint” you currently have – you may be missing a large piece of valuable “property”. When completing your will or doing your Estate planning, we tend to think of “assets” as tangible items. Items that we can see touch or have an obvious value (i.e. bank accounts). But as our lives and the way we interact is increasingly digital, we also need to consider what assets are we generating in a digital environment.

A recent article by the Financial Review revealed that over 80% of people don’t discuss what we will happen to their digital assets when they die (or are incapacitated in some way), and only 3% have explicit directions in their wills.

 

man and lady using ipad

Including your digital assets in your Estate planning means these items won’t be forgotten about.

Examples of Digital Assets which have the potential to create wealth or value:

  • Social media networks and accounts
  • Email accounts
  • Blogs and domain names
  • Music files
  • Photos
  • Files stored in the cloud
  • PayPal accounts and other online payment services
  • Computer Software
  • Cryptocurrencies
  • And then the actual hardware itself – the computer, devices, smartphones and anything else that is used to store and manage all this information.

 

Who owns these Assets in the event of someone’s passing?

This becomes a very grey area when instructions are not specified in a will.  Is it the person with the login details?? Usually a spouse??  Currently,  no legislation in Australia specifies what is to happen in these circumstances.

On the flip-side without password and login details shared to family many of these online digital assets sit locked away, in some cases with family not even knowing they exist.

You can read the full article from the Australian Financial Review,  protecting your digital wealth is something you should consider when planning your Estate and documenting your current assets and wealth.

 

Read More: Have a say on your financial affairs even if your not around.

SIMMONS LIVINGSTONE & ASSOCIATES GENERAL ADVICE WARNING This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. Simmons Livingstone & Associates and Infocus Securities Australia Pty Ltd strongly suggest that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances.

Kris has over 16 years' experience in the business advisory, accounting and taxation industry. His initial years were spent with WHK Group and PKF before founding Simmons Livingstone & Associates in 2013.

As Managing Partner, Kris has steered the firm to success, being instrumental in expansion of the firms client base and subsequent recruitment to increase the professional team size.

He brings his extensive experience within a variety of areas of business services and compliance, and has a proven track record of success with clients from a variety of sectors. Not only is Kris a an exceptionally valuable asset to the firm, his business advice is invaluable for professional service clients, from a financial perspective.

Kris places a strong focus on:

Kris is a forward thinking person who is dedicated to providing his clients with the best possible outcome in all situations. With a keen eye for detail, he ensures nothing is overlooked, so that client outcomes are maximised.

Kris has a young family and outside of work, when he’s not spending valuable time with the family, you’ll find him on the golf course or sampling a brew with the guys.

Simon began his career at PKF and several boutique accounting firms. He has established his reputation for excellent accounting consultancy, which has spanned over 13 years.

Simon is a passionate business advisor, specialising in:

 

Simons personable service and attention to detail ensures his professional relationships remain strong.  As a partner at Simmons Livingstone, Simon has lead the substantial growth of the firms large corporate space.

Through his sporting connections, Simon also has a strong reputation as an industry leader for professional sports men and women, representing sporting players and companies involved in various professional sporting federations and leagues.

Simon is a former representative golfer, and still enjoys a round most weeks. An avid sports enthusiast, you’ll find him kicking back with a red wine if there’s a good game on.

Tom joined the Simmons Livingstone & Associates team to head the financial planning division in 2015. 

Tom has a passion for providing quality advice and exceptional service.

He is driven to:

His approachable and trustworthy demeanour makes his service enjoyable and ensures a relaxed environment for decision making about financial matters.

Tom's extensive network of allied professional services provide the same level of outstanding consultancy, so clients can be assured that any financial problem or opportunity will be addressed with Tom's help.

Outside of work, Tom likes to be outdoors. He plays football and golf amongst other things. You will also find him enjoying good food and good beer with good friends.

Sam is our newest Partner to the Simmons Livingstone & Associates team, working with Tom in our Financial Planning division. 

Sam has a strong passion to educate and inform his clients about the importance of financial planning and getting started early. 

He is focused on:

Sam's greatest asset is his ability to support his clients to better financial wealth using his extensive network. 

 

SLG Financial Services Pty Ltd ABN 63 734 659 141 Ltd [t/a Simmons Livingstone & Associates] is a Corporate Authorised Representative of lnfocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523. Please Note: SLG Financial Services Pty Ltd is only authorised by lnfocus Securities Australia Pty Ltd to provide services related to financial products. Where services provided by SLG Financial Services Pty Ltd extend outside of financial products, please be aware that lnfocus is not responsible for this advice or service.