Should I include my Digital Assets in my Will?
As technology continues to develop, our modern world is becoming ever more digital. With this in mind, more and more people are beginning to include their digital assets in their Will.
A Will is a legal document which allows you to outline your wishes for what should happen to your assets, including finances, property, valuables and any family heirlooms, upon your death, and having a Will in place is the only way to guarantee your wishes are fulfilled.
Broadly speaking, digital assets fall into three core categories – financial, social, and sentimental.
What are digital assets?
Digital assets cover a wide range of online property, including:
- Bank accounts
- Share trading accounts (with stockbrokers, or for online gambling)
- Virtual currencies (including cryptocurrency)
- Accounts with content holders (such as iTunes, Amazon, Spotify)
- Cloud storage (such as DropBox or Google Drive)
- Social media accounts (including Facebook, Twitter, Instagram, LinkedIn, etc.)
- Email accounts (including Google, Yahoo, Hotmail or Outlook)
- Blogs which contain intellectual property
- Accounts held with Government departments (such as HMRC or LPA)
- Websites and domain names
- Online gaming accounts
Why should I include my digital assets in my Will?
It is not currently common practice to include information relating to digital assets in a Will, however doing so can be very beneficial. Often after someone has passed, family members will encounter difficulties in accessing any password protected information when digital assets have not been outlined in the Will, causing complications in the probate process.
To make things easier for your family following your death, it’s a good idea to cover all bases and include any digital assets, such as those listed above, explicitly in your Will, along with your intentions for them.
The concept of digital assets is a complex one, and whilst many internet service providers already have policies in place, the law is yet to catch up. Some digital assets will have a financial value, in which case they would form part of your estate and should be passed along to the beneficiaries indicated in your Will, whilst other digital assets will not be owned by you personally, so will not be transferable. At DRN, our expert team of solicitors can help you with putting your Will together to ensure all of your assets are covered and accounted for.
Start writing your Will today
The expert solicitors at DRN have several years of experience in handling Wills, probate and inheritance, and are dedicated to providing the very best standards of client service, offering sound, reliable advice that you can trust.
Contact us today to discuss writing or re-drafting your Will, or visit our online form and provide us with your details, and a member of our team will be in touch with you shortly.