As our lives becomes more and more digitalised, and our digital footprints continue to grow, so too does the amount of data and assets that we have stored digitally. Whether it’s online banking apps, credit on gambling or other gaming sites, or any other form of digital assets, something needs to happen to these things when we are no longer here. 

 

Earlier this year, the research found that only one in four people had any understanding of the importance of digital assets, and what will happen to them after they die. In this post, our specialist solicitors for Wills run through the legal standpoint on digital assets. 

Essentially, digital assets are anything that is stored digitally in a binary form. However, there is no legal definition or concrete advice on the passing on of digital assets. Some examples of the most commonly used forms of digital assets include: 

 

 

Some digital assets may have monetary value, while others may be more significant for their sentimental value that they hold for the individual and their loved ones. Either way, it is important to address and deal with digital assets in full when drafting, or editing, your Will. 

Many digital assets, such as baking apps, PayPal accounts, and social media accounts, will be fairly easy to find by the Executors of your Will after you are gone. However, even if these accounts can be identified, it can sometimes be a long and difficult process for loved ones to gain access to them in order to shut them down and duly deal with them. This process is made much easier if the Will specifies how these accounts should be dealt with, and what is to be done with them. 

 

On top of this, other forms of digital assets, such as gambling credit or cryptocurrency investment can be much more difficult to find after you have gone, and your Executors and loved ones may never be able to locate them on their own. For this reason, it is key that the accounts themselves, along with permission to access the accounts and any necessary sensitive information, such as passwords, are made readily available in the Will. 

The inclusion of digital assets in Wills is a fairly new aspect of Will and Probate law. Still, MG Legal’s specialist solicitors for Wills in Preston are well-equipped to help with the drafting of your Will, or amendment of your Will, in order to fully include them. 

 

Our expert solicitors offer all of our Wills services on a clear, fixed-fee rate, which can be seen online, here. If you would like to speak to one of our Wills and Probate team about how we can help you with drafting a Will, amending a Will, or any other matter, then get in touch today, here, and we will get back to you the same working day.