We are all putting more and more of our lives online. and spending hours on the Web. Yet hardly anyone is currently making provisions for what they’d like to happen to digital and online assets after they die.
One recent survey by The Law Society found 93% of people who had made a will had not included ANY provision for their digital assets. Yet with many people now storing more information and documents on their email account than in paper format, experts say it is more important than ever to ensure your digital estate is included in your preparations for when you have gone.
Steve Bish, who is one of the country’s leading experts in this area, said: “Dealing with someone’s online presence and digital matters after they have gone can be daunting.” Steve the founder of S Bish Estate Planning added: “But everyone should develop a digital legacy plan, from putting passwords in one place to leaving written guidance about social media accounts and websites.
“These things aren’t legally enforceable unless they are in a Will.
Here Steve shares his step-by-step guide of how to create a plan in this area.
How to get started
The first step is to make a list of all of your digital assets and also your online accounts, including social media accounts.
“It is important to set out clear instructions and not to assume that your family will know what accounts you have,” Steve says.
“Once you have listed your digital assets, you should decide what you would like to happen to them.”
Pick a digital executor
Putting someone in charge of your digital accounts who you know is au fait with technology may help simplify the process.
“We store so much of our lives online, much more than in previous generations,” Steve says. “Those left behind would often like to have digital mementoes, such as photos and video from social media accounts, films and music that has been collected.
“By having someone who can manage your requests you can help avoid disputes and make sure those important memories aren’t lost.”
Financial assets
Many financial products these days, from mortgages to savings accounts, are accessed via apps or websites. The latest data shows that 6.1% of Brits have invested in cryptocurrency.
“Digital assets, such as cryptocurrency holdings and NFTs can pose a problem for estate executors and administrators,” Steve says. “They have an obligation to encash these and pass on the value in accordance with the Will or the Rules of Intestacy.
“To enable cryptocurrency to be sold or transferred after death you will need to leave the necessary access information to someone. If you have not done this, then the currency is likely to be unattainable.”
Legacy features
Companies such as Apple have refused to unlock phones and other devices in the past so if you have not authorised anyone else to have access or left a passcode, that part of your life and those memories may be lost.
“But,” warns Steve, “Executors and administrators should also be aware that it is often an offence to access someone else’s account, even if they have been given the passcode.”
Passwords
It is practical to keep a list of passwords to accounts so they can be accessed but be warned, no sensitive information should be included in the Will itself.
“A Will is likely to be published one day and will therefore be available to the public,” Steve explained.
“By leaving your passwords, your family will be able to access documents that may be stored online as well as important emails, to include correspondence from financial institutions that you have dealt with on a paper-free basis.”
Legacy planning
By leaving a Will, you can be sure that your loved ones will benefit from your estate in the way that you would want in the future. You can set out who you would like to receive your digital assets or how you would like them to be dealt with.
It is important to consider your digital legacy when making a Will and ensure that you have adequately dealt with all of your assets. It is also crucial to ensure that your executors are made aware of all of your digital holdings as well as how you would like them to be dealt with.
By leaving a clear Will, you can also avoid disputes and misunderstandings arising between your loved ones when the time comes, as everyone will be clear what your wishes were.
