Digital Asset Management
Peace of mind for you, comfort for those left behind.
We have implemented an online Digital Asset Vault to simplify the digital asset management process for you. It is a highly encrypted and secure cloud storage platform where you can keep all of your digital records, including copies of your estate planning documents, online accounts and passwords, etc. In the event of your death, we quickly and securely deliver this information to the family members or professionals you selected.
What are digital assets?
‘Digital assets’ are any electronic records or data belonging to you and stored online or on an electronic device – such as your digital photos and videos, music, movies and e-books, emails and social media accounts, and any other documents you store in the cloud.
In addition to having sentimental value, digital assets and accounts can have real financial value:
- Many people now own cryptocurrency, which is recorded entirely digitally using blockchain technology.
- Many people conduct a business or derive income through online activities or sales, or through social media activities.
- Many people have invested significant time into online worlds and communities, including video games, and hold assets or accounts which can translate into real-world value.
What happens to my digital assets when I die?
The law surrounding how digital assets might be passed on or accessed after death has not kept pace with technology, and it is usually up to the service provider or ‘custodian’ of the assets or accounts to determine how they are dealt with. Issues encountered include:
- Some services may provide limited access to your family members or executors, or allow you to set up a ‘legacy contact’ to have access after you pass away.
- Some service providers will deny access to your accounts after your death, and not give access to any digital assets.
- Service providers can usually change their terms of service without notice, which could change the nature of a person’s rights regarding their digital assets.
In the case of encrypted assets (such as smartphones or cryptocurrency), it may be impossible for any organisation to intervene to give your family members access to those assets due to the design of the technology.
Australia currently doesn’t have any legislation dealing with digital assets. Accordingly, the best way to protect and ensure the distribution of digital assets to your family is through digital asset management.
Releasing Your Data
Upon viewing your death certificate, your DAM lawyer will quickly and securely commence the release process within the software.
The software will attempt to contact you via email and phone. If it cannot speak with you, it will then talk to your confidants (people you select within the application whom you trust) and ask them for their confirmation regarding your death too.
Should all your confidants (and your lawyer) unanimously confirm your death, your data will be released within 30 days.
If there is any disagreement, the releasing process is paused, and we manually step in to speak with all parties to determine why there is a disagreement.
Why do we need a Digital Vault?
When we pass away, executors and beneficiaries can no longer just divert the snail mail or go through a filing cabinet in the office.
These days, half of our lives are digital. Our email accounts contain invoices, bills, receipts, password resets and communications. Our computers contain important legal documents. Our phones contain thousands of photos and videos, treasured memories and notes. We have social media accounts, online share trading platforms and websites.
What was once a simple process is now a painful and drawn-out endeavour. By organising your digital estate, you can be a hero to your loved ones and save them months (and sometimes years) of stress and confusion.
Military-Grade Security
The security of your digital assets is maintained using three layers of encryption and OWSAP level 3 requirements. Each user’s data is encrypted between their computer and our servers (SSL), then individually encrypted, first with their own unique key, secondly encrypted using the application key, and lastly encrypted with a database key.
Your data is still safe if our infrastructure is compromised, as the key is spread over separate application resources.
We also maintain a list of trusted devices, log all changes and who made them, and every time you log in a single-use code is also messaged to you for use with your password. If a hacker got a hold of your login details, they still could not gain access.
Get in touch
To get in touch with our DAM lawyers in Melbourne, fill out the form below or give us a call: +61 3 8600 6000
Located in Melbourne CBD at Level 28, 140 William Street, Melbourne. Servicing all Melbourne suburbs online and within a 15-minute drive for: Melbourne CBD, Carlton, Fitzroy, Richmond, South Yarra, St Kilda, Brunswick, Collingwood, Prahran, South Melbourne, North Melbourne.
Frequently Asked Questions
DAM law refers to the legal framework governing the management, use, and protection of digital assets, such as images, videos, audio files, and documents. It encompasses a wide range of legal issues, including ownership, licensing, usage rights, and compliance with relevant laws and regulations.
Organisations must ensure their DAM systems comply with relevant data privacy regulations in all jurisdictions where they store or use digital assets. In Australia, this includes the Privacy Act 1988, but digital assets may also be captured by the GDPR other international privacy regulations if digital assets are stored or used in the EU or elsewhere overseas. Generally, privacy laws will contain terms dealing with:
- Data security: Implementing robust security measures to protect sensitive data.
- User access control: Limiting access to authorised users.
- Data subject rights: Ensuring that individuals can exercise their rights to access, correct, or delete their personal data.
Copyright law protects original works of authorship, which can include digital assets. This means that creators of digital works generally own the copyright to their work, granting them exclusive rights to use reproduce, distribute and display it. However, this may not always be the case, and consideration needs to be given to exceptions under copyright law, moral rights and any contractual arrangements which may apply (e.g. employment contracts or services agreements).
Owners of digital assets should consider the following when granting licenses to third parties:
- Is the licence royalty‑free or is the licensee required to pay a fee (one‑time/upfront, recurring or both);
- What are the permitted uses, in particular whether the licensee can use the digital assets for commercial purposes;
- Is the licence exclusive;
- Is the license perpetual or does it expire after a certain time;
- Can the licensee create derivative works, and who will own such works; and
- Can the licensee sublicensee or assign their rights to others.
A digital asset management system is a software solution designed to store, organise, and manage digital assets in a central repository. This allows organisations to easily find, access, and share assets, while ensuring proper usage rights and security.