Law Society urges people to include digital assets in their Wills

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As technology is now a huge part of our lives, a lot of us do not realise that our digital assets include everything from our photos and videos stored online, online banking and investments and email accounts. In addition, many people now obtain an income from social media platforms such as Instagram and Facebook and measures need to be in place to attend to these assets in the event of the owner’s death.

When thinking about Wills, we often think about property, bank accounts and personal possessions such as jewellery, cars or motorcycles and paintings. However, our photos, memories, social media accounts and emails from our loved ones are just as important and treasured as other more obvious items with a monetary value.

Why should you include digital assets in your Will?

Many families are now incurring difficulties in obtaining information and ownership of online assets and this is causing heartache for a new generation, and in some instances, disputes within estates.

A survey commissioned by the Law Society has found that 93% of those who have made a Will, have not included any digital assets within it. They have further quoted that just a quarter of the 1,000 people asked, knew what would happen to their digital assets after they die – with only 7% saying that they fully understand.

What digital assets can you include in you Will?

Including digital assets within Wills has changed the nature of Will writing and can now include the storing of online passwords and photographs so that families are not faced with any additional stresses during the probate process.

We are nearly a year into the coronavirus pandemic in the UK and throughout this time, we have seen a huge uptake in people making new Wills and the continuing issues being experienced by families with digital assets only stress the importance of why so many of us must make a new Will to deal with all of our assets in the modern world.

Should you wish to make a new Will, or seek advice about your digital assets, please do not hesitate to get in touch.

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