Traditionally, we think of a Will being able to deal with our financial assets and property; however, many of us have digital assets, some of which may have a significant value, which may need to be dealt with differently.
The first step is to consider whether you have any digital assets. Digital assets can include;
- Online Accounts – email, social media, online banking, shopping, gambling and gaming
- Digital Files – photos, documents, music, videos
- Currency – Cryptocurrency, Bitcoin etc
- Digital Property – domain names, blogs, YouTube channels
It is also important to consider things stored on a computer as well as online/cloud services.
Once you have established that you have digital assets the next step is looking at how they can be managed following your death. Some online providers have systems in place to enable you to appoint a person to manage/close the account on death or options for what should happen to the page. Thought should be given as, if the account is closed immediately, there would be no opportunity for family and friends to save any photographs or other documents which may have been shared.
It may be that you do not want the same person to act as executor in relation to your physical assets as your digital assets and therefore, it is possible to appoint a different executor to manage your digital assets. You can then provide clear instructions to that person and provide them with the information they need to access those assets. They would need to work closely with your other executor particularly where digital assets have a cash value. It is important to note that passwords should never be shared and use of a password manager may be of benefit.
Things to consider if you have digital assets:
- Compile an inventory of your digital assets, this should include any usernames but not passwords.
- Consider use of a password manager.
- Check to see if the digital asset provider offers account options following death; can you appoint a Legacy Manager?
- Consider appointing a “digital assets executor” within your Will to manage those particular assets.
- Consider leaving the assets within your Will to ensure that they are dealt with in the way that you wish for them to be managed.