Jane Lodeto enjoyed an interesting webinar today on passing digital assets on death.
Many digital companies have not made provisions for Executors to easily access a deceased persons account, and it may be difficult for your Executors to even find these assets. Further, some of these assets are not even held under UK law. Hopefully such companies will improve on this over the coming years as their users are getting older and we are moving to become paperless.
If you have any of the following you should be considering what happens to them on your death:
- Cash assets held with companies such as
- Online gambling accounts
- Credits in games
- Shares that are paperless
- Social media accounts such as
- Downloads (It should be noted that these only belong to the purchaser and the terms & conditions will usually state that they cannot be passed on to others, including beneficiaries of your estate)
- TV programmes and boxsets
- Cloud access (You may have photographs or videos held on the cloud or even documents such as a book you may be writing)
- I Cloud
- Samsung Cloud
- Blogs (Is your blog copyrighted? If so, who do you wish to pass the copyright to?)
- Email accounts
- Domain names/websites
- Virtual currency
At the moment we recommend that you:
- Keep a record of these assets (and update them regularly) with print outs where possible. Inform your Executors where that information is kept. If you wish to leave a current copy of this record with your Will then we can do this for you.
- Find out what would happen upon your death if you have an internet shop or have large sums held with PayPal, etc.
- Do not leave a list of passwords as this will usually breach the terms & conditions of the companies.
- Consider how your Executors will gain access to your online accounts as it is likely that companies will require your estate to obtain Grant of Probate to allow your Executors access to your digital assets (even if your estate has no cash value).
If you wish to discuss this further, then please contact the office for an appointment.