It cannot be denied that technology is a huge part of modern life and for most is considered an important and valuable asset. However, the concept of digital assets is relatively new and therefore there has been little consistency of approach within service providers in how to preserve these assets. Due to this, it is important that digital assets of both sentimental and monetary value are considered when drafting your will to ensure that these assets are not lost.
A recent study has shown that almost three quarters of those surveyed do not know what happens to their digital assets when they pass away and why it is important to include them in their will. Also, of those surveyed who already have a will a concerning 93% had not included any digital assets.
If digital assets are not accounted for in your will, your family members will be unable to, for example, access family photos saved on your online media or email accounts, or access information they may need for probate stored in your email or online banking. This can cause complications which your family will have to overcome during an emotional time.
When drafting your will your solicitor can discuss accounting for your digital assets in your will, along with the importance of leaving a record of your various accounts with login details and passwords to enable your personal representatives to access your digital assets after you pass away. You may also discuss how you would like your online presence being dealt with after you pass away.
If you would like to discuss drafting a digital assets clause into your will, please contact Farleys’ private client team on 0845 287 0939 or submit your enquiry online.