How to Bequeath Bitcoin and NFTs: 5 Important Tips

Contents:

• Lawyers of the Delcredere Bar Association
• Digital inheritance: New approaches from Apple, Google, and Facebook
• Inheritance of accounts in gaming services: what you need to know
• Inheritance of digital assets in Russia: key aspects
• How to draw up a digital will

Lawyers of the Delcredere Bar Association

Anastasia, a senior lawyer and co-founder of the company "Delcredere", runs the popular Telegram channel "Tsifra". On this channel, she discusses current news and trends in law and technology, providing her subscribers with valuable information and expert opinions.

Zakhar Kislyak, a lawyer at Delcredere, runs the Telegram channel "Tsifra," dedicated to the modern legal aspects of digital technologies. Currently, the price of Bitcoin and advertising revenue on social media are becoming competitive with traditional investments such as real estate. This highlights the importance of understanding the legal nuances of digital assets and media, which can significantly impact investors' financial strategies.

Effective management of digital assets, including cryptocurrency and NFTs, helps create long-term value that can benefit both the owner and their heirs. In June 2021, Apple introduced the Digital Legacy program, allowing users to pass on their digital assets after death. In this article, Delcredere lawyers will answer key questions regarding the inheritance of digital assets and offer recommendations for the proper registration and protection of digital inheritance.

This article will provide information on how to optimize your knowledge and skills for success. We will examine key aspects that will help you develop professional competencies and improve your work efficiency. You will learn about modern training and self-development methods, as well as how to set goals and manage your time. This will allow you to not only improve your qualifications but also take steps toward your desired career. Read on to discover helpful tips and strategies to help you grow professionally.

• What will your "digital heir" see in your Apple account?
• What does Google hide from users?
• How does a "will" work on Facebook*?
• Can you bequeath cryptocurrency and NFTs?
• What is a closed will and why put an envelope inside an envelope?

Digital asset inheritance issues are becoming increasingly important amid rapid technological advances. If you want to learn how to properly protect your digital assets and pass them on to your heirs, we recommend contacting professionals like the lawyers at Delcredere. They will help you understand the legal aspects and ensure the secure transfer of your digital assets.

Digital Inheritance: New Approaches from Apple, Google, and Facebook

In today's digital world, the concept of inheritance is undergoing significant changes. IT companies offer new solutions for so-called "digital inheritance" that differ from traditional methods. Instead of transferring an entire account from one person to another, "digital heirs" are given limited access to the account. This allows them to retrieve important data and information in the event of the owner's death. These changes open up new opportunities for managing digital assets and protecting personal information, highlighting the importance of a thoughtful approach to digital inheritance in the face of rapid technological advances.

Currently, Apple does not provide a way to access a user's account after their death. However, with the release of iOS 15 in the fall of 2021, the company introduced the Digital Legacy program. This program allows Apple ID owners to designate a "digital heir" who will be able to access account information after the owner's death. This innovation significantly simplifies the process of managing digital legacy and ensures the security of personal data. Users can determine in advance who will have access to their account, making the issue of digital legacy relevant for all Apple device owners.

According to official sources, the "digital heir" will be able to view messages, emails, photos, and documents. However, it should be noted that access to iCloud keys, payment information, and subscriptions will remain closed. This limitation is important to consider when planning the inheritance of digital assets to avoid misunderstandings and ensure proper information management.

Google provides users with a unique service called "Google Just in Case." This service allows you to designate a trusted person who can access your account if it becomes inactive. You set the period of inactivity and determine which data the trusted person will have access to. This includes important services like Google Drive and Gmail, ensuring the security and safety of your personal information. This feature is especially useful for users who want to be sure their data will be protected and accessible in the event of an emergency.

It should be emphasized that Google does not inform the trusted person of the appointment until the account is deemed inactive. Therefore, it is advisable to discuss with the trusted person their willingness to assume this responsibility in advance. This will help avoid potential misunderstandings and ensure a smoother account management process if necessary.

Facebook offers its users the ability to appoint a "guardian" of the account, who will be able to access the account records in the event of the owner's death. Unlike Google, Facebook immediately notifies the designated "guardian" of their role and access to the account. This feature ensures the protection and care of digital legacy, allowing loved ones to manage the account and preserve important data.

Once assigned, the "guardian" has access to the content posted on the user's page. This includes photos, videos, posts, and contact information. The "guardian" can also accept friend requests and change the profile photo. However, it is important to note that they cannot read private messages or remove friends from their contact list. Such restrictions protect the user's personal data and ensure privacy on social media.

The rules regarding digital legacy also apply to Instagram, which is part of the Facebook ecosystem. This highlights the importance of being aware of digital legacy issues in the modern world. Managing your digital assets, including social media accounts, is becoming increasingly important. Understanding how to transfer and manage your digital legacy is crucial for users, especially in the context of increasing digital interactions and dependence on online platforms.

Account Inheritance in Gaming Services: What You Need to Know

According to recent reports, many leading companies in the video game industry, including Wargaming and Blizzard Entertainment, strictly prohibit the inheritance of game accounts and digital assets. Steam, a popular game distribution platform, also does not allow account inheritance. However, the Steam user agreement provides an exception that may allow the transfer of digital rights in certain cases. However, specific examples of such situations are not specified in the agreement, which raises many questions among users. It is important to consider these nuances when managing your game assets and planning their transfer in the future.

With major tech companies restricting full account transfers, the question remains: how to bequeath your digital assets? This is especially important for gamers, given the growing value of virtual items and accounts. In the digital economy, it's crucial to understand how to ensure the transfer of your assets to avoid loss. It is recommended to study the terms of use of the platforms in advance and consider alternative methods of transfer, such as creating a will or using special services that allow you to manage digital assets after the death of the owner.

Inheritance of digital assets in Russia: main aspects

The transfer of digital assets by inheritance in Russia is regulated A number of important conditions. For a successful inheritance, several key requirements must be taken into account. First, the testator must have confirmed rights to digital assets, such as cryptocurrencies, social media accounts, or online services. Second, it is important to have a will that clearly specifies the heirs and the distribution of assets. Third, it is necessary to take into account the specifics of the platforms on which digital assets are stored, as the rules for their transfer may vary. Compliance with these conditions will help avoid legal problems and ensure the proper inheritance of digital property.

• Digital assets must have the status of property and have commercial value.
• The transfer of assets must be provided for in the user agreement of the platform on which they are stored, be it an exchange or a social network.

Let's consider each of these conditions in more detail.

According to the Civil Code of the Russian Federation, the inheritance of digital rights is possible in accordance with Article 141.1 of the Civil Code of the Russian Federation. Part 1 of Article 1112 of the Civil Code of the Russian Federation establishes that property, property rights, and obligations are subject to inheritance. Since October 2019, Article 128 of the Civil Code of the Russian Federation has been amended to include digital rights as property, thus allowing for the inheritance of these assets. This innovation opens up new opportunities for owners of digital assets, such as cryptocurrencies, social media accounts, and other forms of digital property, ensuring their protection and inheritance.

The Law "On Digital Financial Assets" came into force on January 1, 2021. This law regulates the issuance and transfer of rights to digital assets, including cryptocurrency, which in this context is referred to as "digital currency." The legislation aims to create a legal basis for the functioning of digital assets in Russia, thereby facilitating market regulation and protecting the rights of participants. The introduction of this law opens new opportunities for both investors and businesses, allowing for legal transactions with digital currencies and other assets based on blockchain technology.

The wording of this law raises a number of questions. It requires the registration of all digital assets and their owners in platform registries. However, anonymous digital assets such as Monero, Zcash, and Dash cryptocurrencies make it difficult to record information about owners and transactions. This creates uncertainty regarding the status of anonymous assets in the context of inheritance. Unclear legal regulations regarding anonymous cryptocurrencies can lead to difficulties in their transfer and accounting, which is important to consider when planning an inheritance.

Inscribing the transfer of digital rights in a will is only the first step. It is important to ensure that the inheritance process is technically feasible and supported on the platform where the assets are located. It should be noted that many social networks and gaming platforms do not allow account inheritance. In contrast, cryptocurrencies and NFTs offer more opportunities for asset transfer. Some platforms allow the inheritance of digital assets, making the process more accessible. Let's look at a few examples of such platforms.

• Coinbase, a leading digital currency broker, allows heirs to access an account after the owner's death.
• Online broker Weltrade allows heirs to withdraw funds after the client's death, but does not allow further use of the account.
• Bitcoin exchange Binance does not provide the option of account inheritance, appropriating all funds for itself.

How to write a digital will

Digital inheritance is becoming increasingly important in today's society, where online assets play a significant role. If your digital assets are subject to inheritance under Russian law, you must draw up a will with a notary. It should be noted that the law does not provide for other methods of transferring digital assets by inheritance. Therefore, it is important to take care of the legal registration of your online resources in advance to ensure their transfer to your heirs.

Notaries recommend including passwords and access keys to your online accounts in the will. It is important to clearly indicate in the will which assets are being transferred and also confirm their ownership. Given the confidentiality of this information, it is advisable to draw up a sealed will in accordance with Article 1126 of the Civil Code of the Russian Federation. This will is submitted to a notary in a sealed envelope in the presence of two witnesses. The notary places it in an additional notarized envelope with an appropriate mark, and only the heir has the right to open it. This way, you ensure the safety and security of your information, as well as the ease of transferring assets in the future.

An example of a will could be as follows:

I, [full name], residing at [address], of sound mind and memory, hereby bequeath the following: [description of the property you are bequeathing and indication of the heirs]. In the event that any of the named heirs is unable to accept the inheritance, I request that it be transferred to [indicate to whom the remainder of the inheritance should be transferred].

This will was made on [date of making] and signed by me, [full name], in the presence of witnesses [full name of witnesses], who also signed this will.»

It is important to remember that a will must be drawn up in accordance with the laws of your country, so it is recommended to consult a lawyer to ensure the legal force of the document.

• "I, FULL NAME, hereby make the following disposition:
• I bequeath my account on the online exchange "Exchange Name" and all funds in my personal account at the time of the opening of the inheritance to FULL NAME.
• I ask that FULL NAME transfer my login and password for the account:
• Login:
• Password: "

One way to transfer digital assets is to bequeath a USB drive with a master password. In such a will, you should clearly indicate not only the transfer of the drive itself, but also information about the password to it. This solution will be especially useful if you plan to acquire new digital assets in the future, as it will allow your heirs to access and preserve your data. Using a drive allows you to easily record access codes for new assets, eliminating the need to constantly edit your will. This significantly simplifies the inheritance process and ensures the security of your data. The drive becomes a reliable tool for managing information, which is especially important in matters of inheritance.