Digital Assets as Part of Your Estate Planning
- 6th March 2019
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What is a Digital Asset?
A digital asset is essentially anything stored in a digital format which provides you with a right to use. These kinds of assets have increased greatly over the last 20 years.
What kind of digital assets are there?
These can include:
- Email accounts (eg Gmail, Outlook, Hotmail)
- Subscription services (eg Netflix, Amazon, Spotify)
- Music and video assets
- Pictures and document storages (eg Google Drive, cloud storage)
- Gaming accounts and profiles
- Social media content (eg Facebook, Twitter)
- Cryptocurrency (e.g. Bitcoin)
Some of these assets may have a monetary value and others such as ITunes and Amazon Kindle may not but you may wish, where possible, for someone else to have the benefit of them.
As regards Social media accounts such as Facebook and Twitter you can decide in advance how you may wish for these to be dealt with following your death.
What do we recommended?
- Keep a checklist of your digital assets – this will assist your personal representatives when the time comes.
- Store your login details and passwords in a memorandum – a secure document which keeps your passwords in one place.
- Keep the document secure and up-to-date – this document contains sensitive information so it is vital to keep this secure.
- Prepare a letter of wishes – advise personal representatives as to how you would like your digital assets to be dealt with on your death.
Maria Coslett, Partner and Head of Probate, Wills and Trusts at Loosemores commented:
“With technology shaping our lives at an unprecedented pace, it has now become necessary to consider what digital assets you own and which of these form part of your Estate. With these assets being non-conventional (yet) and not physically present it is important that they are not overlooked when dealing with the administration of the Estate when someone dies.”
We aim to provide a prompt, professional and stress-free process with our Will-writing service. To book your consultation, please contact Maria by:
Email – firstname.lastname@example.org or Phone – 029 2080 3116