Digital Assets, a presentation to the legal community
Download as PPT, PDF0 likes242 views
The document discusses the growing need for policies around inheriting digital assets as more property and personal information exists online. As internet use increases among older age groups, ensuring digital assets are properly handled after death is important. However, few legal structures currently exist for passing on digital property like online accounts, financial records, virtual goods, and online identities. This represents both a major challenge and opportunity for legal firms to develop solutions for inheriting and preserving a person's digital legacy after death.
Digital Assets, a presentation to the legal community
- 1. Who will tend to your farm(ville) after you’re dead? Feed me
- 2. Property values are Changing digital analog AGE: 20 30 40 50 6 0
- 3. Online Market Source: AARP, Pew Internet & Facebook 2010 Internet use is growing fastest in 50+ age group. Seniors are concerned with privacy and security, which tends to limit the scope of use. 40 75 93 30-50 40 65 Population 5 20 Facebook 15 46 Online 65+ 50-64 US Age
- 4. Digital Property Summary Intellectual Personal & Legacy Virtual Goods Cultural
- 5. Digital Property Types Copyright Original work as blogs, music, images, video You own original content, but it’s located on servers that somebody else owns with access rights assigned only to you. Trade Secrets - do you have an access procedure for all business documents (software, specs, formulas, etc.)?
- 6. Digital Property Types Personal your email, online apps online financial records your stories, deeds, history And perhaps content you do NOT want anyone to find after your death.
- 7. Digital Property Types Virtual Goods ($B market and growing) Linden $, Facebook credits, WoW gold What are the tax implications? Can your Second life spouse inherit?
- 8. Digital Property Types Cultural digital flotsam and jetsam of tweets and comments for the future to ponder over. e.g Library of Congress is archiving Twitter
- 9. Early Market Leaders LegacyLocker, San Francisco “ OMG what if I died and my friends couldn’t update my Facebook page”. Digital Funeral products & services DVDs, Online Memorials
- 10. Digital Asset Segments Storage Lifestory Health Legal Memorial Genealogy
- 12. To be a person is to have a story to tell Isak Dinerson What happens to your stories if you don’t take steps to preserve them for the future?
- 13. Business Model Content Creation Subscription service Perpetual Trust Read-only access Digital Executor Instructions?
- 14. Summary Major need for online policies for inheritance - who will take they lead? Major opportunity for legal firms Only ~33% of American have a living will. Virtually everyone under 40 and most of those under 50 care about protecting their digital assets for the future.