The Journey of Digital Art

With digital art starting to dominate the art industry, it’s safe to assume that some artists may have numerous art pieces, complete and incomplete that need to be organised and saved securely, especially in the case of something happening to the artist. His friends and family may not know where all these art pieces are or what the artist in question would like to do with them

Do you own the tracks in your music album?

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Music distribution has evolved so drastically over the last few decades that we don’t have to glance too far back to see the changes. It wasn’t that long ago cassette tapes seemed such cool ways of transporting our music, certainly less clunky than their vinyl cousins. Then the CD turned that on its head, very swiftly followed by digitalmusic.

Amidst all the hype of which sound system delivers the purest experience, few people have given too much thought to the fact that by downloading music, they are in effect relinquishing their absolute ownership of their music collections.

As emotive as films and photos, our music collections represent a vast part of our very identity and in many cases something we would like to pass on to our loved ones when we die. In fact until quite recently there was the automatic assumption that we could do just that. The entire process had just become simpler, why would it not follow that passing it on would be just as hassle free?

So what does happen to all our music when we pass away?

As it turns out our downloaded music does not belong to us. What we are purchasing when we buy a music track is the licence to play that track. Which means since we don’t own it it isn’t transferable upon death.

It’s a licence granted to the purchaser and only the purchaser and when we pass away that license passes away with us. In fact the license that we buy to play a track or album comes with an extremely limited set of rights.

According to This is money more than £30billion of films, music and books bought through iTunes and Amazon could vanish when their owners die.

In 2012 it was alleged that ‘Die Hard’ actor Bruce Willis was preparing to sue Apple in a battle over who would own his vast collection of digital music when he died. It was alleged that Willis had asked his advisors to set up family trusts to “hold” his downloads, which according to friends include thousands of classic rock tunes and British acts from the Beatles, the Rolling Stones and Led Zeppelin as well as modern performers including Adele. However, it was later found out that this was a baseless rumour without a known source.

The fact is that this is an issue we all need to look into more carefully, particularly if we value our musiccollections. One solution could be to include all relevant account information when you set up an inventory of your online assets to be passed on to nominated verifiers and beneficiaries. There are those who simply go back a step and burn all their music back onto CDs, going forward however some sort of deal needs to be struck between suppliers and consumers to ensure an individual’s music legacy is protected and passed on.

 

Life Insurance – Are you covered?

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Life insurance is believed to have originated in Rome and India and is based on the fundamental premise of securing and protecting loved ones from paying off debts and providing for family when the care provider is deceased.

It is a contract between an individual and an insurance company leaving detailed instructions on how the company should pay the policy holders’ when they pass away.

Of course if you are single with no dependents or elderly with children that do not need to be taken care of you are less likely to need a life insurance policy.

On the other hand if both you and your partner are employed it’s always good to set one up to guard against the unforeseen.

Taking preventative steps to ensure your loved ones are taken care of makes perfect sense but what are the disadvantages?

The life insurance acquisition process can be lengthy and at times complex. The purchase of life insurance based on whether it’s for a business or family requires careful consideration. And of course, there is a cost involved.

However on the plus side a life insurance policy can be exchanged for another life insurance policy without incurring taxation. Also the cash value grow tax deferred during the policy holder’s lifetime, and of course your family is protected.

The key reasons people opt for life insurance are to fund their children’s education. This is followed by covering any final expenses such as funeral costs, car payments and mortgage payments.

The two main types of life insurance cover are;

Term insurance

This type of cover can also be called level-term assurance. The payout would be the same no matter when the policyholder died during the term.

This is a very popular kind of cover because it pays out a lump sum or a monthly income if you die within a set period of time but if nothing happens to the policyholder it simply lapses and they get nothing in the end.

Whole-of-life cover

This is a life insurance policy that covers the policyholder for the insured’s whole life and requires (in most cases) premiums to be paid every year into the policy. The proceeds of the policy will usually go to the policyholder’s family or beneficiaries of their estate. These policies are more expensive than term assurance policies, which only pay out if you die within a certain timeframe.

Interested in getting one now, but don’t know how?

First you have to understand how the insurance premiums work. If you are likely to die in the near future you’ll have to pay more but the insurers look at certain factors which could affect your premium. These include your lifestyle, age, medical history and job.

There is a raft of choices these days for getting more information and costs, from your employer to cost comparison sites and your bank. Ask friends and family too as recommendations are often the best route to take.

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