Your Will and electronic assets: Don’t overlook the fact that valuable assets are now held in electronic form.
When making a Will most people are very aware of the assets they own; their house, their investments, their possessions.
However, in the age of the internet valuable assets are increasingly held in an electronic forma. This presents a risk that some of those digital assets could be overlooked. There is also the danger that the information required to access them might be lost.
Electronic assets fall into two main categories:
1. Those with a financial value
This includes online bank accounts, ISAs, and share dealing accounts. Once these assets are identified it is essential that relevant information such as passwords are provided to allow your executor to access them.
2. Those with no financial value
These are assets which, whilst they have no financial value, are likely to have a significant sentimental and personal value. Many of us now store family and personal data in an electronic format. This data includes family photograph albums, email addresses and correspondence, along with other personal and household information. Failure to identify these assets in the Will may mean that this important family information becomes inaccessible and could even be lost forever. Again, it is essential that relevant passwords are provided.
A study called Dying in the Digital Age commissioned by Remember a Charity, revealed that 80% of the population own digital assets, but less than one in ten people have considered what will happen to those assets when they die.
Our lawyers are aware of the importance of digital assets and can offer valuable guidance on how they can be protected. With our network of offices in North Devon ( Barnstaple, Bideford, South Molton, Tiverton, and Braunton) our team is able to provide a local, friendly and personal service to anyone living or working in North Devon and surrounding areas.
