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Dealing With Digital Assets: Categorising and Distributing

Last updated Jul 9 2024 | Wills and Probate

by Darian Wielink

by Darian Wielink

Paralegal

In this article

What is property?

Jewellery is a tangible object meaning it does not fall under the digital assets categoryCurrently the definition of “property” splits into 2 categories:

  1. Things in possession
  2. Things in action

Things in possession relate to tangible items, such as jewellery, furniture or any physical item that someone can possess.

Conversely, things in action refer to an enforceable legal right. For example, this can include a share in a company or a debt owed under a contract. Neither a debt nor a share is tangible. However, because of a contract, you can enforce your legal right to an asset’s value.

Most digital assets, such as NFTs, do not embody either of these qualifications. This is because there is no legal contract with a business which gives a person a legal right to the asset, nor is it tangible. As such, the Law Commission recently proposed to add a third category of “property”.

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