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Heirs left in the lurch at the probate hearing
napi.hu, 20.01 – Cryptocurrencies, social media profiles or documents stored in the cloud are increasingly common in probate proceedings. However, few people know that in lack of proper regulation and provisions, access to crypto currencies can be questionable for heirs, or that tech giants only allow access to deceased people’s data to those entitled to it on the basis of their own specific rules.
Digital assets, such as cryptocurrencies, business Facebook profiles or video game accounts can generate money and have a value, so it is worthwhile for everyone to think ahead about what will happen to them when their owner or user dies. If you fail to do so, your heirs may never have access to your digital assets.
The situation is complicated by the fact that digital assets are difficult to seize under current legislation. In addition, as digital phenomena change very rapidly, it is more difficult for regulation and judicial practice to keep pace.