With the rise of technology and all the wonders that it enables us to achieve, it is important to ensure that these items are not overlooked in the context of succession law.
A digital asset can be easily overlooked, whether in the context of a piece of hardware (which may be locked by fingerprint protection) or software (which is often password-protected).
Though many digital assets are primarily of personal and sentimental value (such as email and social media accounts), they may also entail financial value. Outside of some obvious examples such as cryptocurrencies, there can also be financial value in the form of many different digital assets, for example:
Monetised websites/content creation platforms;
Patents, royalties or rights in software programs;
Monetised social media accounts.
Whilst traditionally uncommon 'assets' in the context of estate planning, these items are becoming (and are increasingly more likely to continue becoming) more prevalent assets that will need to be addressed in estate planning, ensuring that you have turned you mind to the issue of how access to those digital assets might be facilitated or passed to your executor or beneficiaries in order that your chosen beneficiaries are able to receive the full value of your assets and content. So in this context, giving clear directions and facilitating appropriate access upon passing away may be critical in ensuring all of your estate of properly collected and distributed to beneficiaries, in accordance with your wishes.
Due to the ever-changing nature of digital assets, it can sometimes be difficult to properly address these issues. Historically, this was generally best achieved by a separate memorandum kept with your will, providing directions and details for your digital assets that can be regularly reviewed without the need for updating your will each time you change an online account password. Nowadays, there are certain services that combine Password Manager services together with a 'Digital Estate Vault' that enable you to not only store your important digital information in a secure location, but also to set access arrangements for how loved ones might access those items after you have passed away.
Ashton Estate Lawyers are not only experienced in the law behind wills and estate planning, but also strive to keep up to date with the ever-changing digital landscape to ensure that all assets of value are captured in your estate planning, and assisting clients in implementing a plan that covers the entirety of their assets - physical and digital. Contact Ashton Estate Lawyers today for a free 15-minute discussion about your circumstances and needs, and see how we can assist with your estate planning.
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