When making a will most people are very aware of the assets they own; their house, their investments, their possessions.
However, in the age of the internet assets are increasingly held in an electronic forma. This presents a risk that some of these digital assets could be overlooked. There is also the danger that the information required to access those assets might be lost.
These assets fall into two main categories:-
Those with a financial value
This includes online bank accounts, ISA’s and share dealing accounts. Once these assets are identified it is essential that relevant information such as passwords are provided to allow the executors to access them.
Electronic assets with no financial value
These are assets which, whilst they have no financial value, do have a significant sentimental and personal value. Many of us now store family and personal data in an electronic format. This data includes family photograph albums, email addresses and correspondence, along with other personal and household information. Failure to identify these assets in the Will may mean that this important family information becomes inaccessible and is lost. Again, it is essential that relevant passwords are provided.
A study called Dying in the Digital Age commissioned by Remember a Charity, revealed that 80% of the population own digital assets but less than one in ten have considered what will happen to those assets when they die.
For further information concerning wills and digital assets speak to one of our specialist solicitors.