News

Don’t overlook your digital assets

  • November 16, 2015
  • By Hunters Law

Digital assets are still a relatively new phenomenon, but it is important not to overlook them when dealing with estate planning.  Online accounts can take many forms.

To name but a few:-

  • Social media such as Facebook, Twitter, Instagram and LinkedIn;
  • Music libraries such as iTunes and Spotify;
  • Email, online banking, PayPal, eBay, Bitcoin.

Some of these assets have a monetary value, others a sentimental one. However, in either case it is important to identify which assets are held and to leave clear instructions as to what should be done with them.

Make a list:

  1. The first step is to make a list of all online accounts and their logins and passwords.
  2. Next, store this list as a hard copy, somewhere safe, and most importantly review it regularly, say every six months.
  3. Make sure your Executors are aware of the list and where it is kept.
  4. Go through the items on the list and decide what you would like done with each asset.
  5. Find out what terms and conditions were agreed to when the online account was created.  There may be restrictions as to what can happen to the asset on death, or it may be necessary to authorise a particular person to deal with the account when the time comes.
  6. Certain social networks such as Facebook may be “memorialised”. You may wish to provide written instructions to your Executors as to what you would like done in this regard.

Clients can obtain an Asset Log from our Private Client Department, which can be completed to provide information about your digital assets.

If you would like further information regarding digital assets, please contact the partner at Hunters having responsibility for your legal matters, or (for new enquiries) please contact a member of our Private Client team.

Related News

Feb 06, 2023
Flora Nelmes discusses the importance of modernising the lasting powers of attorney system in EPrivateClient
Jan 25, 2023
Flora Nelmes discusses modernising the LPA system in the FTAdviser
Dec 19, 2022
Lewis Edwards featured in Law.com’s Private Client Global Elite Directories
Nov 01, 2022
Hunters Law recognised as one of the 2022 EPrivateClient Top Law Firms
Oct 21, 2022
Vanina Wittenburg interviewed in STEP Journal
Oct 18, 2022
Hunters recognised in the Spear’s Tax & Trust Advisers Index 2022
May 11, 2022
Vanina Wittenburg examines the impact of the pandemic for probates and discusses hope for the future in Taxation
Apr 12, 2022
Vanina Wittenburg examines how the pandemic has affected the probate system and hope for the future in the FTAdviser
Mar 31, 2022
Vanina Wittenburg discusses the importance of wills for young adults in Today’s Wills & Probate
Mar 21, 2022
Vanina Wittenburg comments on the impact of the BVD cutting the funding of will searches, in This is Money

© Hunters Law LLP 2023 | Privacy NoticeLegal & Regulatory | Cookies Policy | Complaints Procedure.

Hunters Law LLP is authorised and regulated by the Solicitors Regulation Authority (number 657218)