The digital assets that are worth a will
Last year, we wrote a blog about how digital assets are commonly overlooked when writing a will. But, thanks to a recent survey by the Law Society, now might be the best time to give it some thought.
Whilst many of us look to protect property, valuables and other physical assets to pass down to family after we die, we often don’t think of other things that might be just as worthy. Online banking details, for example, or services like PayPal - if you were to pass away, would your chosen executors know about or be able to locate your digital assets?
There are other things to consider, like loyalty points or lottery tickets. It sounds ridiculous, but, we have come across disputes over who owns air miles after someone passes away, as well as what happens to any crypto currency that may have been invested in someone’s lifetime.
With technology now such a big part of our lives - even more so during the pandemic - we really need to be thinking about how digital assets should be included in our estates after we die.
In fact, according to recent research by the Law Society just 26% of respondents knew what happened to any digital assets after their death. Only 7% said they had a full understanding and had made provision in their will - however an overwhelming majority (93%) had not included any digital assets in their wills at all.
It may not be a financial motive, but simply an emotional one. These days, many people have active social media profiles containing many years of family photos and other memorable times. Without being able to take over these accounts, loved ones can be left without access to precious memories, or even be able to close the accounts down altogether.
If you want to make sure your estate is distributed exactly as you wish and prevent a whole host of problems with grieving families, Downs Solicitors can help. We offer advice to people about how you can best include all physical and digital assets in your will. Contact us for more information.