Your Digital Legacy: More than just photos and passwords

What are digital assets?

Digital assets should not be confused with the devices themselves. Computers, tablets and phones are the hardware we use to access digital assets and this hardware will be included in any provision you make regarding your personal possessions.  Digital assets are wide ranging in both complexity and value, from something as small as points on a loyalty account through to high value cryptocurrency.

Many digital assets will be subscription based, not granting ownership but providing the service on a licence basis.  This can be enjoyed by the subscriber during lifetime, subject to the terms and conditions of the provider, but is not something that can be gifted on death.

Value– financial and sentimental

Even if digital assets don’t have a significant financial value, they often hold sentimental value and those left behind may face emotional and logistical hardship if unable to access or take ownership of these assets.  We saw this in the recently reported case of Martyn and Lyn Hall. Lyn died unexpectedly and as Martyn didn’t know the passcode for Lyn’s phone, and Lyn had not appointed a legacy contact with Apple, he was unable to obtain access to her Apple Account in time to obtain photos and song ideas for her funeral.

Planning

To ensure that your digital assets pass as you wish on your death and that your loved ones are able to gain access to them, we recommend taking the following steps:

• For each asset be clear about what you own and its value on death (if any).
• Complete and maintain a digital assets inventory and ensure your executors are aware of it.
• Be clear about any terms and conditions of any providers and set up any legacy contacts.
• Make sure your executors are aware of your preferences regarding memorialisation or deletion of any (social media) accounts and any accompanying messages that should be posted for followers/friends.
• Ensure that your Will adequately provides for the inheritance of your digital estate.

In an increasingly digital world, when making a Will, it is important to consider thoroughly the extent of your digital assets, check the terms of ownership and privacy and where possible put procedures in place to allow your loved ones to manage these after your death.

For further advice on this area or to review or add to your Will, please contact a member of our Wealth Preservation team.