Dealing with Financial Quasi-digital Assets Post-death
| Author | James Normington |
| Pages | 91-96 |
8 Dealing with Financial
Quasi-digital Assets
Post-death
For the probate practitioner the quasi-digital asset class is often a source
of confusion or apprehension. There are a number of reasons to be
concerned. The issues relating to cyber-security, ransomware and theft
are at the top of those concerns. Then there is the question of where to
start this process. This chapter considers how to process this type of asset,
how to deal with the client information and how to deal with the primary
security concerns.
In looking at these asset types, we should first consider how we deal with
the testator. Not all probate practitioners have the benefit of consulting
with the testator before probating an estate; however, it is important to
discuss with them the importance of informing you as to the extent of their
accounts. This includes all their online accounts, their digital footprint,
and any or all digital assets. Most clients will have some form of online
banking; indeed, for some clients this may be the only way they deal with
their primary current and savings accounts. Online bank accounts are not
digital assets as they do not meet the criteria of being a standalone
transferrable interest. They are more accurately described as quasi-digital
assets as they share some of the characteristics of a digital asset but lack a
number of key features. Notably, a quasi-digital asset cannot exist
independently as it is dependent upon the rights or interest of a third party.
In the case of an online bank account, it is subject to the bank’s standard
terms and conditions. Its contents may be transferred, but the actual
account is not eligible to be transferred with the agreement of the bank.
There are a number of possible actions that can be taken when faced
with digital assets. In terms of quasi-digital assets, the options are quite
limited. The most common option is to close them and transfer them to
an estate account.
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