When people think of the assets they might leave in a Will, digital assets are very often overlooked.
A recent survey by the Law Society found that of the 1,000 respondents, only a quarter knew what would happen to their ‘digital assets’ after they passed. A digital asset, by definition, is anything that exists in a digital format and comes with the right to use, therefore, consisting but not exclusive to your emails, photos, documents, and social media presence. It also includes copyright, patents, cryptocurrency platforms and PayPal accounts.
With technological advances on the rise, we are using our online spaces more than ever before, in turn leading to an ever-growing online presence that needs looking after once you’ve passed. For this reason, we urge those with wills to consider keeping a secure record of online passwords and details to pass on to the desired loved ones to access.
The legal advice to ensure your digital assets are present in your will prompts further discussion into the necessity of keeping your Will up to date. The Law society reported only 29% of those surveyed to have an up-to-date Will despite it being the only means by which you can be entirely sure of what happens to your assets once you are gone. In keeping your will up to date, you are rewarded with the peace of mind and legal assurance that your memories and documents are taken care of, helping your family reducing potential stress by thinking ahead.
If you want to make a Will or review one you have already made, we have several people that can assist you here at McHale & Co to get started please call and ask for Philippa Wright on 0161 928 3848 or email at mch@mchaleandco.co.uk.