The Invisible Inheritance: Including Digital Assets in a Will
Research has revealed that only a quarter of people know what will happen to their digital assets after their death. It is important that you include any digital assets in a Will.
The Law Society commissioned a survey of over 1,000 adults, asking questions about whether they had made a Will. Just 29% of those questioned had an up to date Will. Of those with a Will, 93% had not included any provision for their digital assets. Just over a quarter knew what would happen to their digital assets when they passed away. Only 7% said that they fully understood and 19% they somewhat understood.
What are digital assets?
Digital assets include online accounts, cryptocurrencies, domain names and web content. They also include items that will be valuable to loved ones, such as photos, emails and social media account content. This is thought of as a digital presence, rather than assets.
Passing on your digital assets
Firstly, make a list of all of your digital assets and also your online accounts. Be sure to include social media accounts. Make a list of your passwords to keep with your Will. However, no sensitive information should be included in the Will itself. Your Will is likely to be published one day and will therefore be available to the public.
By leaving your passwords, your family can access documents you may have stored online. They can then access important emails, including correspondence from financial institutions that you have dealt with on a paper-free basis. They will also be able to access photos and other personal items that could be comforting for them to have in the future.
You should be aware that some digital items are only held on licence. Things such as books and music, cannot be passed on when someone dies.
Once you have listed your assets, decide what you want to happen to them. Some social media accounts can be memorialised after a death. Alternatively, you may simply want your account deleted once your family have had a chance to copy any photos they want to keep. It is important to set out clear instructions and not to assume that your family will know what accounts you have.
Making a Will
By leaving a Will, you can be sure that your loved ones will benefit from your estate in the way that you would want in the future. You can choose who you wish to receive your digital assets or how you would like them to be dealt with. By leaving a clear Will, you avoid disputes and misunderstandings arising between your loved ones when the time comes. Everyone is clear on what your wishes were.
It is also important to review your Will regularly, particularly the digital provisions. These are likely to change over time. A good rule of thumb is to review a Will every three to five years. Also review in the event of any major life changes such as divorce or the birth of a child.
If you would like to speak to one of our experts about making a Will call us FREE on 0800 781 6658 or email us at enquiries@estplan.co.uk
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