When people think about making a Will, they often focus on property, savings and personal belongings. However, many of us now own valuable digital assets as well. These can easily be overlooked, yet they may hold financial value or great personal importance.
Planning properly for your digital assets can make life much easier for your loved ones and help ensure your wishes are followed.
What are digital assets?
Digital assets are anything you own or use that exists online or in electronic form. Some have financial value, while others are sentimental or personal.
Common examples include:
- Online bank and savings accounts
- Cryptocurrency, such as Bitcoin
- Online investment or trading accounts
- PayPal and other payment platforms
- Email accounts
- Social media accounts
- Digital photos and videos
- Music, films and e-books stored online
- Personal websites, blogs or online businesses
Even if an item has no monetary value, it may still matter greatly to your family.
Why digital assets matter in your will
Without clear instructions, dealing with digital assets after someone dies can be difficult. Providers often have strict rules about access, and loved ones may not know what accounts exist or how to manage them.
Including digital assets in your Will can:
- Prevent important accounts being lost or locked
- Protect assets with financial value
- Reduce stress and confusion for your family
- Ensure sentimental items, such as photos, are preserved
- Allow accounts to be closed or memorialised properly
Planning ahead is a simple step that can make a big difference.
List your digital assets
The first step is to create a list of your digital assets. This does not need to be complicated, but it should be thorough.
You may wish to include:
- The type of account or asset
- The provider (for example, the bank or website)
- Whether it has financial or personal value
For security reasons, it is not usually advisable to include passwords directly in your Will, as it becomes a public document after probate. Instead, passwords can be stored securely elsewhere and updated regularly.
Decide what you want to happen to them
Once you know what digital assets you have, consider what you would like to happen to each one.
For example:
- Should online bank accounts be closed and funds shared out?
- Would you like social media accounts deleted or turned into memorial pages?
- Should digital photos be passed on to family members?
- Does an online business need to continue running?
Being clear about your wishes helps your executors carry them out correctly.
Appoint the right executors
Your executors are the people responsible for dealing with your estate. When digital assets are involved, it can help to appoint someone who is comfortable using technology.
You may choose to:
- Appoint the same executor for all assets
- Appoint a separate “digital executor” to deal specifically with online accounts
Your Will should clearly explain their authority to manage and access digital assets in line with current laws and provider terms.
Understand provider rules
Each online service has its own rules about what happens when an account holder dies. Some allow access with the right documents, while others do not permit access at all.
For example:
- Some email providers will close accounts but not release contents
- Social media platforms often offer memorial options
- Cryptocurrency may be lost forever if access details are missing
This is why planning and good record-keeping are so important.
Keep your information up to date
Digital assets change more often than traditional ones. New accounts are opened, passwords change and some services close down.
To keep things manageable:
- Review your digital assets regularly
- Update your list when you open or close accounts
- Let your executors know where important information is stored
Your Will can be updated as your circumstances change, ensuring it always reflects your current situation.
How a solicitor can help
Dealing with digital assets in a Will can feel overwhelming, but you do not have to manage it alone. A solicitor can help you:
- Identify digital assets you may not have considered
- Include clear and legally sound instructions in your Will
- Advise on executors and digital access issues
- Ensure your Will reflects both your digital and physical estate
Taking professional advice helps avoid mistakes and gives peace of mind that everything has been properly planned.
Taking the next step
Digital assets are now part of everyday life, and they deserve the same careful thought as any other part of your estate. With the right planning, you can protect what matters to you and make things easier for those you leave behind.
If you would like advice on including digital assets in your Will, or if you are thinking about making or updating a Will, please contact our friendly and experienced team today. We are here to guide you through the process with clear advice and practical support.