Don’t overlook your Digital Assets when updating your Will
Life is increasingly becoming digital and accordingly so are people’s estate assets. Often our banking is online, as are our utilities, insurance, we have Facebook and Twitter accounts, gaming accounts, phones, laptops, Sky, music, books, the list goes on and on.
Given that you have worked hard to accumulate these assets, don’t forget to include them in your thinking when making your Will. Many people think about inheritance tax planning, which is always a good idea, losing money to the government is one thing, but losing the asset to cyberspace, because your executors either don’t know about it or can’t access it, is surely a bigger tragedy and one that is easily avoidable.
Here are some tips to think about:
- Compile a list of your digital assets
- Compile a separate list of how to access them and double check that this is up to date
- Keep the list in a safe and secure place, but one that can be accessed by your executors (and your Attornies if you have a Lasting Power of Attorney) for when the time comes
- Do not include passwords in your Will as this will become a public document once a Grant of Probate has been issued. Use a side letter instead.
- Keep your list and Will regularly updated
If you require any further information on this, then please do not hesitate to contact Sue Adams, a Solicitor, Partnerand Head of the Private Client team specialising in Wills, Lasting Powers of Attoney and Grants of Probate on 01202 204561 or alternatively at firstname.lastname@example.org.