Technology plays an essential role in people’s lives now more than ever, but surprisingly very few people consider this when preparing their Will.
Statistics predict the number of smart devices collecting, analysing, and sharing data to reach 50 billion by 2030. However, research conducted by the Law Society suggests 93% of individuals hadn’t included any digital assets in their Will, with only 7% of individuals understanding what happens to their digital assets on their death.
Many of us store photos and personal information online which may be lost should you not ensure somebody else knows they exist. In May 2019, Rachel Thompson won her three-year battle to obtain her late husband’s photos and videos from his iPhone in order to help their young daughter remember him.
It is therefore important to think about creating a ‘digital legacy’ leaving instructions to your loved ones in a secure and accessible way. Planning in advance and providing details of online accounts and digital assets can save a notable amount of time and challenges for your loved ones.
Digital assets are objects that have monetary or sentimental value and that exist only in electronic form, such as a digital photographs, social media accounts, internet domain names, and cryptocurrencies. In a global survey of 500 professional inheritance advisers, nearly 60% of respondents had dealt with questions from clients about digital assets. Meanwhile, around a quarter said their clients had faced difficulties accessing the digital assets of a family member.
https://www.lawgazette.co.uk/news/reform-law-on-digital-assets-probate-lawyers-urge/5109862.article
