Published on: 2nd October 2023

Considering Digital Assets During Estate Planning

The Last Will and Testament is thought to date back to ancient origins, with some crediting the concept to the Romans. We are now a far cry from those times, with testators now having to consider a magnitude of assets and factors during the estate planning process. One of those considerations is digital assets.

It is now common for individuals to have social media accounts, photos, videos, emails and multiple other intangible assets. Planning for what happens to these upon death is digital estate planning and is something that many forget to put thought into.

Digital assets may include, but aren’t necessarily limited to, the following:

• Social media accounts
• Photos
• Videos
• Cryptocurrencies
• Manuscripts
• Emails
• Graphics
• Documents
• Domain names
• Websites
• NFTs

An example for why this is an important consideration is when an individual has built up a large following (sometimes known as a social media personality). If the audience is substantial enough, a social media account can be a source of immense income for the account owner. What happens to their social media account, and therefore this source of income, when they pass away?

As we move into an age where the use of social media and the ownership of digital assets is becoming ever more prevalent, those thinking of writing a Will need to put thought into who they would like to receive what and take steps to ensure that their wishes are carried out. One way to do this is to ensure that the relevant people will be made aware of login details. Testators also need to remember that certain platforms will have policies regarding who has access to assets, and so any intention within the Will should be made clear – this is especially an issue when the asset is of financial value, such as ‘bitcoin.’

If you would like to discuss digital estate planning in further depth consider booking an appointment with one of our Consultants by calling 01732 868190 or by using our online form by clicking here.

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If you wish to give instructions or require general information about our Wills, Lasting Powers of Attorney, or Trusts then we will carry out a telephone or Zoom appointment.

However, if you wish to give instructions to one of our Consultants and you feel that you can only do this at a Face to Face meeting then we are offering, at our Consultant’s discretion, a limited number of Face to Face appointments in most of the areas we normally cover. To see the areas we normally cover please click here.

To arrange an appointment please telephone 01732 868190 or click here.

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