Found a new commercial property to buy and wondering what to take into account before making an offer? If you make an offer on a property, you may assume that everything in relation to the property is in order such as the condition, any work...
Assets are no longer just things you can pick up and move about, in the dawn of the digital era we must look to our online lives and assess what has value, be it monetary or sentimental and whether we have ownership of such assets or simply a licence to use them.
What are Digital Assets?
There is currently no legal definition of Digital Assets in the UK. They are intangible which means that they are things that cannot be claimed by taking physical possession. Examples include social media accounts, websites and domains, marketplaces, ebay, paypal, the cloud, virtual currencies and many more.
Would you be happy for your family to have access to your social media accounts or emails? Would you want them to be deleted, memorialised, or bequeathed? These are questions you must be asking and providing the answers to within your Will.
Talk to one of our Private Client solicitors today to ensure that your Digital Assets are protected on death or loss of capacity. They can advise you on whether you own the digital asset or whether you simply have a licence to it by reviewing the relevant terms and conditions. They will advise you of the available options to protect such assets and to ensure that your wishes surrounding such assets are carried out following loss of capacity or death.
Written by Stephanie Heath
Solicitor, Wills & Probate