In part 2 of this Case Study, we looked at how executors go about handling digital assets of financial value. We noted that it is prudent for executors to have an indemnity clause in a Will in relation to such assets. It is also important to enhance the role of Digital Facilitator within a Will when it comes to digital assets of financial value. This will help executors to ascertain the presence and value of all such assets in a deceased person’s estate, helping to stave off potential disputes from beneficiaries.
A Standby Trust is a passive Trust that is on standby/ in dormant mode, only activated when trigger events (mental incapacity or death) occur. Here’s a case of a client who used a Standby Trust to provide continuing provisions for his family members in the event of his demise.