Virtual assets listed as 3rd rated property in will registration

Hu Min
In a growing trend among young and middle-aged people, virtual assets are becoming increasingly important properties listed in will registration, accounting for millions of yuan.
Hu Min

Virtual assets have been listed as the No.3 property among young and middle-aged will registrants and is gaining increasing attention among the public in the Internet era, China Will Registration Center revealed on Monday.

The center said it has received more than 450 wills involving virtual assets with the figure growing year on year, and the majority were from young and middle-aged registrants, who deem virtual assets as one of the top 3 properties in their wills, only following bank deposits and real estate.

In one case, a social networking platform online streamer contacted the center early this year, deciding to leave all his digital assets to his parents in his will.

It is estimated that the market value of the streamer's digital assets had surpassed more than 3 million yuan (US$409,923) and his social networking platform account with more than 1 million fans will be left to his friend for operation, based on his will.

During the 2nd Estate Management Professionals Forum hosted by the center on Monday in Beijing, Chinese tech giant Huawei said it planned to launch a service, enabling people to check and manage their digital assets via Huawei accounts and designate heirs to inherit their assets including photos, videos, recording, cloud disk files and contacts via the service with strict information protection and authentication measures.

Since its founding 10 years ago, the center has registered over 250,000 wills nationwide, and the average age of registrants has dropped from 77.43 years to 68.13.

"A proper arrangement of bequest is drawing increasing attention among the public amid the aging trend of society," said Chen Kai, director of the management committee of the will registration center.

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