Dealing with digital assets in a will
An increasing number of people now hold digital assets but it is frequently not understood how these would be dealt with after death and many people may not even be aware that they are holding these assets.
In some cases, such as with cryptocurrencies, it is clear that the digital assets are being held. However, digital assets covers a wide range of content and includes social media accounts, website accounts (e.g. internet shopping), blogs and photographs.
The significance of the digital assets may be monetary value but it can also be sentimental and in either case, it should be considered whether provisions should be made within the Will in order to help Executors deal with the digital assets.
In some situations, it may even be beneficial to prepare a digital Will which focuses solely on the digit assets.
Different beneficiaries can be named to receive the digital assets or the intention may just be to assist with accessing these assets. In either case, a schedule should be place with the Will to contain details of the account numbers, passwords and details of any digital wallets.
In order to avoid digital assets being lost permanently, it is important to consider making provision for them in Wills the same way all other assets would be addressed.
Please contact our Wills and Probate department for more information on how to protect your digital assets within your Will.
Author: Sophie Bacon
Office: BTMK Todmans, Rayleigh