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The Importance of Including Digital Assets in your Will
The concept of a ‘Digital Asset’ is relatively new and is a clear demonstration of the shift in our approach to the use and importance of technology in our day to day lives.
Digital assets extend to personal information stored in emails, online bank account, photographs, mobile phones and social media accounts including Facebook, Twitter and Instagram.
A recent survey by the Law Society has revealed that over 93% of individuals had not included digital assets in their Will with a quarter being unaware of how these would be dealt with.
David Greene, Law Society president stated “Photos, social media accounts and emails from loved ones are often just as treasured as physical possessions – and yet very few people understand what happens to their digital assets or why it is important to include them in their will.” He further added that overlooking such assets may leave family members being unable to access information for probate which may be stored in the deceased’s email or online banking accounts.
It is important to make provisions for your digital assets with your Will which can include leaving specific instructions to your Executors on how to deal with your digital assets together with a detailed record of your online accounts and passwords.
Author: Sahira Shaheen
Sources: Law Society