Protecting Your Digital Assets With A Will And Trust

Protecting Your Digital Assets With A Will And Trust

A will and a trust are legal instruments that regulate the assets of the testator in the unfortunate event of their passing. However, so far this has only covered physical assets, intellectual property, real estate, and money - digital assets were excluded. In this article, we will show how GEN12's solution can help you channel your digital assets in this process and ensure that these data, information, and messages reach the right people after your death.

What are wills and trusts?

In general, trusts are legal structures that preserve assets while also directing the use and disposition of them according to their creator's wishes. While wills take effect only after the creators die, trusts can be utilized both during and after their authors' lives.

• Will: A will or family will is a legal document that governs the transfer of your assets to your specified heirs and beneficiaries after your death. It can also include instructions for items that must be decided after your death, including the appointment of a will executor and guardians for small children, as well as funeral and burial arrangements. A will can instruct an executor to establish a trust and appoint a trustee to keep assets for the benefit of certain individuals, such as young children until they achieve a majority or a certain age. It is important to remember that although many people ask how to write a will, it is best to leave it to a professional.
  

• Trust: A trust is a fiduciary arrangement in which a third party (called the trustee) holds assets on behalf of one or more beneficiaries. Trusts can be set up in a variety of ways, and they can stipulate how and when assets are distributed to beneficiaries. Because trusts normally skip probate, your beneficiaries may be able to access these assets sooner than they would if they were distributed through a will. Furthermore, if it is an irrevocable trust, it may not be included in your taxable estate, resulting in lower taxes owed upon your death.

What is a trust and will process?

These legal instruments are often used as tools for the transfer of assets, especially in the context of preparation for the death of the owners. The will and trust are a typical part of estate planning. Even those who do not own a large home may have an estate, as it may include intellectual property (such as patents), a car, or even a photograph you took. Any object or item counts as an estate, whether or not it can be sold on the market.

Trust and will may be necessary in various cases:

• When real estate is part of the estate

• When it is necessary to include a beneficiary who is not a legal heir

• When the testator wishes to be discreet about the distribution of assets

• When assets are involved that must be maintained during the transfer process (for example, a business), a professional trust service provider is required

The benefits of involving digital assets in the will and trust process

First and foremost, we must define what we mean by digital assets. You could suppose that this only applies to digital records or files with an actual worth that can be sold by the heirs at a later date. Of course, nothing prevents them from doing so, but it's vital to note that such assets aren't the only ones that may be included in the will and trust procedure.

In reality, any material in electronic form, even assets with simply emotional worth for the heirs, can be included in the digital procedure. Let us look at some examples of digital assets that can be included in the process offered by GEN12:

• digital images

• videos

• music

• passwords

• written documents

• and almost any file without limits

At this point, it's clear how many ways the traditional will and trust can be used to add your own personality to it. And thanks to digitization and automation, you do not even have to commission a wealth transfer for a digital transfer of assets. This can fundamentally change the way you approach the issues surrounding your will.

One of the most common applications of GEN12 is for the testator to send a customized video message to family members. Because such material is instantly given to the addressee upon death, no one needs to see it in front of a lawyer (or other heirs).

The benefits of GEN12’s legacy packages

• The primary goal of inheritance is to obtain wealth. Your legacy is limited to funds and assets under the traditional trust and will system. GEN12’s solution allows you to create a personalized legacy package that may be passed down to future generations with or without monetary value.

• The number of heirs and other beneficiaries is not limited. You can send as many digital assets as you would like.

• Digital assets can be posted in connection with any life event; so a marriage, the birth of a child, or the beneficiary reaching a certain age are all possible triggers.

• The time of gloomy and formal messages is over. With GEN12, the only limit to the content you can publish is your imagination. Inspire future generations with a video, letter, or other digital assets. Give advice and get personal. This is your chance to pass on hope or share a message you wish you had been given by your loved ones.

The process is extremely simple and consists of just three steps:

1. Determine how many beneficiaries you wish to have. We'll send your family an email twice a year to keep contact information and trigger data up-to-date.

2. Choose a trigger, and we'll take care of the rest. This will be the life event that gives your future descendants access to the video or content you generated.

3. Create a digital asset as the third step. Create a treasure map, a note, a touching video, or send artwork.

Go beyond traditional wills and trusts with GEN12. We help you pass your digital assets to your loved ones after or before your death, exactly when you planned. A farewell video, a wedding greeting, or even access to a previously secret bank account - it's up to you to surprise your beneficiaries.