BeforeHow Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

BeforeHow Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

The Covid-19 pandemic accelerated the shift towards a more digitally enabled world. The sheer number of digital assets and online accounts has multiplied, to a point where individuals may not even be aware of the number of accounts they possess!

Contrary to popular belief, these digital assets and accounts amount to not only monetary value like your online banking, digital wallet accounts, payment wallets, and cryptocurrency. Digital assets like your photo/video storage, notes, social media accounts, subscription accounts and emails are worth a lot more in emotional value. All these together are what is called a digital estate. 

As your digital estate holds value, it is important to protect these digital assets today, as well as think about what happens to them when you are not around anymore. Creating a digital inheritance plan for what happens to these assets after you’re gone is what is called digital estate planning.

So, are there any laws in India that can help you plan for your digital estate?

Well, at the moment, the legal scope of digital estate planning is almost nonexistent in India.

An understanding of IT within the legal arena in India arrived only recently with the Information Technology Act, 2000. And unfortunately, this Act is applicable to all digital assets except “testamentary, disposition and wills.” And the Indian Succession Act 1925 does not include the online realm.

This means that India has a long way to go before the law catches up with digitisation and you have a legal way to pass on your digital assets. 

On a brighter note, The Steering Committee report in 2019 on Fintech Issues suggests for “digital alternatives in cases such as power-of-attorney, trust deeds, wills”.

So, while we realise that there is a need for special legislation for the estate planning of digital assets in India, the Digital India Campaign and Steering Committee Report are small steps in the right direction.  

But what should you do now

Don’t worry, the lag of the law is not a complete hindrance to your online estate planning.

While the legal development in the country runs its course, you can use online estate planning tools like Clocr to create a digital will for your digital assets that is compliant with your country’s current laws, which will be updated as and when they change. 

Even if you might not be able to legally pass on your digital assets, you can still choose what happens to them. Fortunately, many service providers have legacy policies for their services. For instance:

Now that you are familiar with India’s position on digital estate planning and what your options are, head here to know how you can start digital estate planning, all on your own, today!

How Can You Pass On Your Digital Assets in India

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Post TitleHow Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

BeforeHow Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India

How Can You Pass On Your Digital Assets in India