Including Digital Assets in Your Will
There’s no getting away from it, we now live in a digital world. Gone are the days when we send a film cartridge away and wait for our photos to arrive in the post; high street banks are closing at a rate of knots; and I can’t remember the last time I received a personal letter in the post.
In this increasing digital age, it’s not uncommon to have a significant portion of our lives stored and managed online. From social media accounts to digital currencies, these digital assets hold personal, sentimental, and monetary value.
However, despite all this, many people overlook the importance of including digital assets in their will. I’m here to tell you, that ensuring your digital legacy is managed according to your wishes, is just as crucial as safeguarding your physical assets.
What are Digital Assets?
They encompass a wide range of items, including:
- Social Media Accounts: Facebook, Instagram, Twitter, Linkedin, and other social platforms.
- Financial Accounts: Online banking, PayPal, cryptocurrency wallets.
- Digital Media: E-books, music, movies, photos, and videos.
- Email Accounts: Personal and professional email addresses.
- Online Subscriptions: Netflix, Amazon Prime, Spotify, etc.
- Intellectual Property: Blogs, websites, and other online content you have created.
- Digital Documents: Important files stored on cloud services like Google Drive, Dropbox, or iCloud.
Why Should I Include Them in My Will?
Providing Access and Management to Your Executors
Including explicit instructions regarding your Digital Assets in your Will, assists your executors to access and manage them. Without clear guidance, this could be a struggle, as each service provider has its own policies regarding what happens to an account after the owner’s death.
Financial Value
Some digital assets have significant financial value. Cryptocurrency, for example, can be a substantial part of an individual’s estate. If these aren’t accounted for it could result in financial loss for your beneficiaries.
Personal and Sentimental Value
Social media accounts and digital photos hold precious memories. By including these in your will, you can ensure that these sentimental items are handled in accordance with your wishes.
Privacy and Security
Leaving your digital assets unaccounted for can lead to security risks, including identity theft and data breaches. Clear instructions can help prevent unauthorized access and ensure that sensitive information is handled appropriately.
What’s The Best Way to Do this?
Write an inventory
Start by making a comprehensive list of your digital assets. Include account names, URLs, and relevant details.
Provide Access Information
Your executors will need to access your accounts, so it’s important to note login details, passwords, security question answers etc. However, never include passwords directly in your will, as this document becomes public after probate. Sensitive information like this would need to be kept separately in a secure, encrypted format.
Detail Your Wishes
Just as you would do for your physical assets, specify what you want to happen to each digital asset. For example, you might want your email accounts deleted and your digital media passed to a specific member of your family.
Update Regularly
I often remind you to keep your will up to date. The same applies with your digital assets. Technology and your digital presence will evolve over time, so it’s important to regularly update your inventory and instructions.
Conclusion
Including your digital assets in your will is a crucial step in comprehensive estate planning. It ensures that your digital legacy is handled according to your wishes, protecting the value and sentimental importance.
For peace of mind for you and your loved ones and further advice on writing your Will, please get in touch by calling Davies Estate Planning on 0808 146 9295.
