What happens to Digital Assets on death?
We now live in an era where social media, digital technology and information stored online affect most of us. Many of us now have online accounts and may not have paperwork confirming the assets we hold.
After death, your executors may not be able to gain access to your computer, phone, online accounts or e-mails as they will not know your login details and passwords or be able to access your bank accounts via thumbprint recognition.
What is a Digital Asset?
Common types of digital assets include;
- Online bank accounts and Paypal accounts;
- Photographs, videos and music stored online;
- Blogs, Facebook and Twitter accounts;
- E-mail accounts;
- Online gaming accounts.
You need to consider how you can ensure that these digital assets are protected.
- Your digital assets are part of your estate on death and it is still therefore important to leave clear instructions to your executors about what should happen to these assets when you die.
- Some digital content may be owned by online service providers so store your photos on a disc or USB stick or print out hard copies.
- Review what assets and information you hold digitally in online accounts and make hard copies of the records for those assets.
- Keep a list of assets with your Will so that your executors will know what assets you have.
- If you own a business, make sure that your business contacts and clients’ information is stored properly and you have printed a hard copy of the business information.
- Make a Will. If you have particular wishes regarding your digital assets you may wish to consider including a separate clause in your Will to specifically provide for those assets
It is important that a Will ensures that all assets, including digital assets, are left to those loved ones intended to benefit.
If you have not made a Will before and wish to do so or if you wish to update your existing Willplease contact us at Leeds Day on 0844 567 2222 or by email at firstname.lastname@example.org or visit our website www.leedsday.co.uk.