What are digital assets?
Digital assets can be anything from photographs stored online, social media accounts such as Twitter, Facebook and Instagram, email accounts and also any websites and domain names that may be owned.
Do I own my digital assets?
During our lifetime we own these assets and are therefore free to do with them what we please, so it is fair to assume that we are free to pass these assets to whoever we want when we die.
How do our loved ones deal with our digital assets?
It is vitally important that your Executors are able to identify and access digital assets and that they are easily recognisable. It is therefore important to retain a list of your digital assets along with any login passwords or pin numbers that may be required. This can be stored with your Will and therefore only available on your death as this information should be kept securely and known only by you during your lifetime.
Including your digital assets in a will
Some digital assets may have a monetary value such as a PayPal account or any cryptocurrencies owned. Other digital assets may not have a monetary value but have a sentimental value such as memories and photographs that you may wish to pass on to your loved ones when you die. The only way you can ensure this is to include these assets in your Will to ensure they pass in accordance with your wishes. In order to do this it is essential that the assets are easily identifiable to your Executors so you should keep a record to assist them. It is now possible to set up an online ‘safety deposit box’ where passwords and usernames can be stored securely and can be made available to a nominated person when you die. It is imperative that passwords required to access these accounts are kept up to date at all times.
How to get advice on digital assets
Here at Waldrons we are able to offer advice and assist you with identifying what would be considered a digital asset and how to ensure these assets are dealt with in accordance with your wishes. Please contact a member of our Private Client team in order to discuss making your Will and ensure that not only your tangible assets are dealt with on your death but also your digital assets.