MobileRead Forums - View Single Post - Delaware becomes first state to give executors broad digital assets access

sirmaru · 08-23-2014, 11:01 AM

Digital rights can now be passed down by giving one's ID's and passwords to heirs. The issuing organization has no way to know who is using those ID's and passwords.

Swiss banks used to issue numbered accounts without any reference to actual people. Thus, anyone knowing the number could access and use those assets.

The problem was, if people died and never shared those numbers, the banks would then own the property after 10 years if there was no action in the accounts.

That practice has since been abandoned due to the use of those accounts to hide assets from income and estate taxes resulting in complaints from other countries.

08-23-2014, 11:01 AM	#6
sirmaru Wizard Posts: 2,426 Karma: 6561538 Join Date: Nov 2007 Device: Kindle PW 2013, HDX 2013, Galaxy S5 2014	Digital rights can now be passed down by giving one's ID's and passwords to heirs. The issuing organization has no way to know who is using those ID's and passwords. Swiss banks used to issue numbered accounts without any reference to actual people. Thus, anyone knowing the number could access and use those assets. The problem was, if people died and never shared those numbers, the banks would then own the property after 10 years if there was no action in the accounts. That practice has since been abandoned due to the use of those accounts to hide assets from income and estate taxes resulting in complaints from other countries. Last edited by sirmaru; 08-23-2014 at 11:04 AM.