11 April 2024
New research highlights the risks of not considering digital assets before you die
The research from The Association of Lifetime Lawyers shows that whilst 86% of UK adults over 30 have digital assets, just 20% have referenced them in their will.
Digital assets are anything a person owns that exist in a digital format, rather than a physical one. This includes things like online banking, cryptocurrencies, social media accounts, email accounts and online storage.
Including reference to digital assets in your will can help minimise distress for loved ones after you die, and ensures they can access your important online accounts. In today’s digital age, the majority of us now hold digital assets, whether that’s an online bank account or social media profile. Half of adults over 30 have a will, but a tiny number have considered their digital legacy.
Without proper planning, your loved ones might not be able to access or manage these important parts of your life after you're gone. It’s a good idea to keep a log of your accounts. Start by making a secure list with login details and passwords. Make sure it’s regularly updated and stored in a safe place, along with your will. Some online services, like Apple and Facebook, allow you to appoint a legacy contact to make decisions about your accounts after you die.
It’s crucial that more people consider their digital belongings before they die to make it easier for friends and family to access their accounts. Where possible, it’s a good idea to chat through your digital assets and your will with a solicitor who will be able to ensure your wishes and information are communicated clearly.
If you'd like to discuss making or updating your will, get in touch today.
