The Law Society unveiled the results of its recent research into digital assets earlier this year. Digital assets include online bank accounts, social media accounts, photographs stored online and email accounts. The Law Society found that just over a quarter of those surveyed knew what would happen to their digital assets when they die and why it is important to include them in their will.
By planning ahead and leaving instructions will remove uncertainty for your loved ones and you may consider the following when thinking about your digital assets and what should happen to them when you are no longer here.
- Make a Will which allows you to appoint Executors who will have the authority to administer all of your assets.
- Make a digital inventory that contains details of all of your online assets, social media accounts, logins and passwords. This will allow your Executors to be able to trace your assets and pass them on to your beneficiaries.
- Keep your digital inventory in a safe place, for example, it can be held securely with your Will by your solicitor.
- Make sure you keep your digital inventory up to date.
- Include instructions relating to your social media accounts whether you would like these to be memorialised or closed down.
If this is something you would like to discuss please contact Beers’ Private Client team on 01548 857000.
