While many of us think about what physical assets we leave our loved ones, new research shows that our Digital Assets are being forgotten. Following new research from The Association of Lifetime Lawyers, fewer than a quarter of people aged over 30 have referenced digital assets in their will.
Their research shows that whilst 86% of UK adults 30 have digital assets or more, just 20% have referenced them in their will.
Digital assets are anything a person owns that exists in a digital format, rather than a physical one. This includes (but is not limited to) things like online banking, cryptocurrencies, social media accounts, email accounts and online storage.
Here at Morgan LaRoche, we recommend including reference to digital assets in your will to help minimize distress for loved ones after your death and ensures they can access your important online accounts.
In today’s digital age, most of us now hold digital assets, whether that’s an online bank account or social media profile. Half of adults over 30 have a will, but a tiny number have not considered their digital legacy. Without proper planning, your loved ones might not be able to access or manage these important parts of your life after you’re gone.
It’s a good idea to keep a log of your accounts. Start by making a secure list with login details and passwords. Make sure it’s regularly updated and stored in a safe place, along with your will. Some online services, like Apple and Facebook, allow you to appoint a legacy contact to make decisions about your accounts after you die.
In this ever-evolving world, it’s crucial that more people consider their digital belongings before they die to make it easier for friends and family to access their accounts. Where possible, it’s a good idea to chat through your digital assets and your will with us and we will be able to ensure your wishes and information are communicated clearly to your loved ones.
If you’re not sure where to get started with incorporating your digital assets into your will, speak with our specialists. Contact us to discuss how we can help you further.
