Digital Assets & Your Estate

Whilst your digital assets continue to grow, it is very important to ensure that a record is kept so that, in the event of your passing, your loved ones are aware of the assets and accounts you hold and where – whether that be sentimental or financial asset value.

Your digital assets should be explicitly included within the Will to ensure that your Executors have the ability to manage or transfer them correctly. Without such inclusion, your digital assets may be lost or inaccessible, as many are licensed rather than owned.

Many people initially think about making provision for their cryptocurrency, such as referring to it within their Will. You need to ensure that any online cryptocurrency account key is made available to ensure it does not become unreachable.

However, it is as important to keep a list of utility accounts and subscriptions to ensure that, upon death, such accounts are closed. Particularly for utility accounts, you need to ensure that they are aware of a passing and do not inadvertently freeze an account due to a lack of payment (as the bank account may have closed).

Further, mobile phones, iPads, laptops, PCs and other IT devices also hold a lot of information and documents.

Your list should also include social media accounts, business websites or personal websites, and what you would like to happen to them upon your death.

Proactively planning for digital assets ensures Executors can access important sentimental files or transfer valuable financial assets.

Please contact me if you would like to discuss your digital assets and your Will.

Emma Aslett

Penn Chambers Solicitors   

0207 183 4595

The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.