Setting the Discount Rate and Achieving Fairness for Victims of Accidents
Everyone is talking about Pokémon Go but no one is asking the most important question of all – what happens to your Pokémon when you die?
Pokémon Go is a smartphone game which has been downloaded over 7.5 million times and has added £5.4 billion to the value of Nintendo. Until this week, it was only available in the USA, Australia and New Zealand. But as of 13 July 2016 for Android users (and 14 July for iPhone users) it is available in the UK.
The aim is to walk around the real world catching adorable virtual monsters. There are 250 to collect and some, such as the iconic yellow Pikachu, are particularly sought-after. It is therefore possible to build up a desirable collection, arguably on a par with a stamp or coin collection.
In fact, what you could end up with is a valuable “digital asset” which you may wish to pass down to your loved ones on your death.
More and more people are thinking about their digital assets when they make their Will. Some of these assets have financial value, such as PayPal accounts and bitcoins; others have sentimental value, such a photos or emails. There are also issues of privacy and identity theft.
In June 2016, STEP (the Society of Trust and Estate Practitioners) published new guidance for the public and professionals about digital assets.
So, what should you do to protect your digital legacy?
For more information about protecting your digital assets, please contact Sarah Playforth or a member of the Private Client team. You could even visit us at our offices and take the opportunity to recharge your Pokéballs at the Pokéstop at St John’s Arch, just next door.
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