In the context of estate planning and wills, “intangible assets” refer to assets that aren’t physical in nature. They include things like intellectual property (trademarks, patents, copyrights), digital assets (online accounts, digital currencies), contractual rights, and various other forms of non-physical assets.
Addressing intangible assets in your Last Will and Testament is becoming increasingly important in the modern digital age. Here’s a brief explanation within the context of the Malaysia Wills Act 1959.
Malaysia Wills Act 1959:
The Wills Act 1959 sets out the framework for the creation of valid wills in Malaysia. While the Act provides guidance on the requirements for a valid will, it doesn’t delve into specifics about the different types of assets that can be bequeathed. Therefore, it’s up to the individual to ensure all types of assets, including intangibles, are accounted for in their will.
Intangible Assets:
Intellectual Property: If you own intellectual property rights, like copyrights, trademarks, or patents, you can specify in your will how you’d like these to be distributed. You might also want to provide instructions on how any royalties or income from these assets should be managed and distributed.
Digital Assets: With the rise of the digital age, many individuals now have significant digital assets, like social media accounts, blogs, online businesses, digital photos, eBooks, and more. Your will should provide clarity on how these assets should be handled—whether they should be continued, archived, or deleted.
Digital Currencies: If you own digital currencies or cryptocurrencies, you should ensure your will provides clear instructions on how to access and distribute them.
Access to Intangible Assets:
One of the challenges with intangible assets, especially digital ones, is accessibility. You should consider incorporating into your will (or in a supplemental document) details about how to access these assets, like the location of digital keys, passwords, or other necessary information. Remember to maintain the confidentiality and security of this information.
Beneficiaries and Digital Executors:
You might want to consider appointing a “digital executor”—someone specifically tasked with managing and distributing your digital and intangible assets. This person should be tech-savvy and understand the nature of digital assets.
Legal Challenges:
The legal framework around intangible assets, particularly digital ones, is still evolving in many countries, including Malaysia. It’s essential to keep abreast of any legal changes and adjust your will accordingly.
Given the complexities involved with intangible assets, especially in a rapidly changing digital landscape, it might be beneficial to seek legal counsel in Malaysia familiar with both the Wills Act 1959 and the nuances of intangible assets. This will help ensure that your assets are adequately protected and distributed according to your wishes.
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