Does your Will or LPA deal with your digital assets?

What are digital assets?

In this ever-growing digital age of ours we all have an ever-bigger online presence than before and access it on more and more electronic devices, these are your digital assets.

Come to think of it, you have used one of them to visit my blog today, your email address, plus, you would have used a laptop, desktop computer or smart phone.

There are countless examples of digital assets, email accounts, digital music, digital photographs and videos, social network accounts, financial accounts, and online stores. You may also have a desktop computer, laptop, tablet, smart phone, storage devices and any similar digital device to name but a few.

94% of the population have online accounts which are being used as part of everyday life, with the average person in the UK having 26 different accounts and 10 different passwords.

What happens to your digital assets?

When surveyed, 75% of people said their children wouldnt be able to access their digital assets when they died and over 50% of people said their partner wouldnt have access.

20% of bereaved families, found it too difficult to locate and deal with the digital assets and so didnt bother which means it could be lost forever. What if you were to become incapacitated? Or would like someone else to manage your finances? Would your trusted people, loved ones, deputies or attorneys be able to access your digital assets to manage your affairs?

There are potential issues that may arise without proper planning;

  • Will your loved ones know what digital assets you have?
    You may incur costs/subscriptions if not all digital assets are known. Or maybe you have investments you would like to be passed on? What is the worth of your digital assets?
  • Will your loved ones know what to do with them?
  • Do social media accounts need to be closed or memorialised, software uninstalled? Images stored?

Where should you start?

We should all make a list so that at least your family/executors actually know where to begin, of course you should not list your login and password details together. Consideration should be given to including a clause in your Will and Lasting Power of Attorney, and if you would like our help please contact us here.

 

 

 

 

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