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Make sure to update your will to include digital assets

Posted: 10th February 2021   In: Wills, Trusts and Probate

People are being urged to update their wills to include their digital assets as a way of preventing problems for their family after they die.

Research by the Law Society shows that just over a quarter of those surveyed know what happens to their digital assets when they die. An overwhelming 93% had not included any digital assets in their will.

Law Society president David Greene said. “Technology is a huge part of modern life and our digital assets include everything from photos stored online to online banking and email accounts.

“Photos, social media accounts and emails from loved ones are often just as treasured as physical possessions – and yet very few people understand what happens to their digital assets or why it is important to include them in their will.

“With many social media platforms only created in the last few decades, it is all too easy to overlook your digital assets when making a will.

“However, this can leave family members unable to access family photos saved on the deceased’s online accounts or close their loved one’s social media accounts.

“It can also leave them unable to access information they might need for probate which is stored on the deceased’s email or online banking accounts.

“Writing a digital will and keeping a clear record of online passwords ensures that your loved ones are able to access your digital assets and are not faced with any additional stresses during probate.

“Our research shows that just 29% of those surveyed have an up-to-date will. I would encourage anyone who hasn’t already done so to write a will which includes their physical and digital assets.

“A solicitor will be able to advise people on how best to include both their physical and digital assets in their will – ensuring people’s estates are inherited exactly as they wish and preventing a whole raft of problems landing on loved ones when they are grieving.”

Please contact Jonathan King if you would like more information about the issues raised in this article or any aspect of wills and probate.

 

 

Posted by: Jonathan King
Private Client
Berkhamsted Office