Technology is a huge part of modern life. With more photographs stored online than in physical albums and the increased use of online social media accounts, digital assets are becoming increasingly valuable to individuals.
Digital assets can include photographs, social media accounts, internet domain names and cryptocurrencies. In addition, a person’s online banking may store vital information required in the probate process. Unfortunately, it is often unclear how to gain access to digital assets of a family member who has died.
A study by STEP – a professional body for inheritance planning advisers – and Queen Mary University of London found there is a demand for reform regarding property rights to digital assets. The study found that there is a need to make it easier for relatives to access assets that hold sentimental and monetary worth online.
When preparing a Will it is worthwhile thinking about your digital assets and what will happen to such assets on your death. The Law Commission of England and Wales is reviewing the current law on digital assets.
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Please note the above is for information purposes only and is intended to be a short summary. It should not be treated as a comprehensive guide and should not be acted on without qualified legal advice.