23 March 2018 by Pamela Jarvis

What is a digital legacy and how to protect it?

In this day and age it is almost impossible not to have a digital legacy of some kind, but are you aware of what it is? Many people when planning for the inevitable neglect to consider the digital legacy that they leave behind. They put in place all the necessary steps to ensure that their physical and monetary assets will be dealt with, but often forget about their digital assets.

But what is a digital legacy? In a world of ever increasing online presence, our digital footprints are larger than ever, with more and more people having digital assets than ever before. Our digital assets include a number of things such as:

  • social media accounts, including Facebook, Twitter and Instagram;
  • email accounts;
  • online only bank accounts, including PayPal; and
  • cash that is held online, for example, in online games and virtual currency such as bitcoins

All of these items form part of your estate and as a result you should make sure that your executors or beneficiaries (as applicable) are able to access these assets after your death.

One way of doing this, as recommended by the Law Society, is to include your digital assets in a ‘Personal Assets Log’. Many people may already have one of these, or something similar, which is simply a list of all of your assets and important details. A personal assets log, or even simply a digital assets log, can either be held with your Will, or stored in a safe and secure place, that your executors are aware of.

But what happens if your digital legacies and assets go undiscovered and are not dealt with?

In simple terms, your beneficiaries may not receive all that they are entitled to. For example, an online-only bank account that is not accounted for would reduce the amount of an estate and the amount then due to the beneficiaries. Also if online assets are not discovered until some time after the administration of the estate then this increases the chance of a claim being brought against the estate for incorrect estate administration.

To ensure that your wishes are adhered to and your estate administered correctly, we would recommend that you keep a log and take legal advice. If you want to discuss options in relation to your digital assets and needs, please speak to a member of our Wealth and Estate Planning team.

Contact Pamela Jarvis in the Wealth Planning Team on 020 7288 4771 or email her at PamelaJarvis@boltburdon.co.uk .

Alternatively, you can also contact one of our other solicitors in the Wealth Planning team here.

9 March 2018 by

More help for First Time buyers and the “Bank of Mum and Dad”

For years millennials, or “generation rent” as they’ve come to be known, have been told that joining the elusive club […]

16 March 2018 by Artan Llabjani

Is a restrictive covenant the end of your development dreams?

Restrictive covenants are usually historical, legally binding obligations which can prevent land from being developed. They are often the cause […]

Signup To Our Weekly e-News

"*" indicates required fields

We’ll never share your details with any third party in line with our privacy policy.