Digital Will (E-Will) – Modern Documentation
Note
Exam Relevance: Understand the difference between a "Digital Will" (software generated) and "Video Will" vs physical Will. Hint: Indian law is still catching up.
The Problem: Locked Out of Heritage
You might have ₹50 Lakhs in Mutual Funds and ₹10 Lakhs in Bitcoin, but if no one knows your Password or Private Key, that money is effectively burned when you die.
What is a Digital Will?
It is not necessarily a legal document (yet) in every jurisdiction, but a system to pass on digital credentials.
- Inventory of Digital Assets:
- Banking Passwords.
- Email Access.
- Social Media Accounts (Memorialization options).
- Cloud Storage (Photos).
- Access Mechanism: How do heirs get the passwords securely?
Legal Status in India (IMPORTANT)
- Electronic Wills: Under the Information Technology Act, electronic records are valid, BUT the Indian Succession Act specifically excludes Wills from being electronic.
- Result: A Will sent via Email or kept as a PDF on a computer is NOT VALID unless printed and signed physically by two witnesses.
- Video Will: Recording a video of yourself reading the Will is good evidence to prove sound mind, but it does not replace the signed paper document.
How to execute a "Digital Asset" Plan?
Since you can't put passwords in a public Will (security risk), use a Letter of Last Instructions or a Digital Vault.
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Handling Social Media (Digital Legacy)
- Facebook/Instagram: Allows setting a "Legacy Contact" who can manage the account (Memorialize or Delete) after death.
- Google: "Inactive Account Manager". If you don't login for 3 months, Google automatically emails your data to your spouse.
Summary
- Not Legal Replacement: An E-Will is not a substitute for a Paper Will in India.
- Crypto Risk: If private keys are lost, crypto is lost. No bank can recover it.
- Google Inactive Manager: Set it up today. It's free automation for estate planning.
Quiz Time! 🎯
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Next Chapter: Letter of Last Instructions (The Emotional Will)! 💌