Have you prepared your digital will?:Around 70% people concerned about digital assets; only 10-15% designate nominees, says report

In the era of digital revolution, we choose heirs/nominees for our houses, land, shops, and bank accounts, but forget about our ‘digital assets’. We don’t decide who will be the heir to our email accounts, YouTube channels, Instagram-Facebook accounts, WhatsApp, and wallets like Paytm after death. According to McAfee’s ‘Digital Afterlife’ survey, more than 70% of people worldwide are concerned about what will happen to their online data after they die. But only 10-15% of people make a ‘digital will’. A digital will is a legal document in which you decide what will happen to your digital assets after your death. There are examples of investors losing ₹1,800 crore and get entangled in long legal battles QuadrigaCX (Canada): After the death of a crypto exchange head Gerald Cotten in 2018, the lack of password backup or ‘digital will’ resulted in investors’ $190 million (approximately ₹1,804 crore) being locked forever, which actually later led to the company’s bankruptcy. Apple vs Rachel (UK): After a woman’s husband’s death, Apple blocked data citing privacy due to absence of legacy contact. Wife had to fight legal battle for months to get family photos.