Digital Assets and Your Will: Why They Matter
Our lives are more digital than ever. From social media and cloud storage to cryptocurrency and PayPal, these digital assets can hold real financial and personal value. A common question in estate planning is: what happens to your digital assets when you die?
What are digital assets?
Digital assets include:
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Online money and investments: cryptocurrency (Bitcoin, Ethereum), PayPal, online investment platforms
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Personal items: photos, videos, emails, blogs, cloud storage, and social media accounts
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Business tools: websites, domain names, online stores, monetised YouTube or Instagram accounts, intellectual property
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Entertainment and subscriptions: e-books, music, movies, gaming accounts, streaming services
Why digital assets can be difficult to manage
Without login details or express authority, executors or family may not be able to reach your accounts. If your will does not include specific powers to deal with digital assets then they may be locked out and unable to close accounts or access what’s in them. Most older wills do not contain these provisions because digital assets are relatively new. Many law firms do not know how to create wills that effectively handle your digital assets.
How to include digital assets in your Will
Firstly, you need to create a will that can handle your digital assets. Then nominate an executor to handle those assets after you die. Choose someone with the skills to manage your digital estate. This will enable your executor to apply for a Grant of Probate after you die and deal with your digital assets.
Why it’s important to plan ahead
Without proper planning, your digital assets could be lost or left unmanaged. With clear instructions in your Will, and powers to enable handling of digital assets, you can ensure your digital legacy is protected and your loved ones aren’t left dealing with unnecessary stress.
Get help with digital assets in your Will
Including digital assets in your Will is now an essential part of estate planning. We can guide you through the process and make sure your wishes are respected—whether that’s securing your cryptocurrency, passing on family photos, or closing social media accounts.
If you’d like advice on how to manage your digital assets in your Will, book a free telephone consult with us today.
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