In today’s digital world, many people own valuable online assets, ranging from social media accounts to cryptocurrency holdings. As digital assets become an increasingly important part of our lives, it is crucial to consider how they fit into estate planning. At Blackstone Solicitors, we advise clients across England and Wales on how to manage and include digital assets in their wills. In this article, we explore what digital assets are, why they matter in estate planning, and how to ensure they are protected and properly passed on.
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- What Are Digital Assets?
Digital assets encompass a broad range of online and electronic possessions, including:
- Financial assets – Cryptocurrencies (e.g., Bitcoin, Ethereum), PayPal balances, online bank accounts, and investment platforms.
- Intellectual property – Blogs, websites, domain names, and digital copyrights.
- Social media accounts – Facebook, Twitter, Instagram, and LinkedIn profiles.
- Cloud storage and email accounts – Google Drive, Dropbox, and email correspondence.
- Digital collections – E-books, online music libraries, films, and gaming accounts.
- Loyalty points and virtual currencies – Airline miles, hotel points, and in-game purchases.
Some digital assets hold financial value, while others may have sentimental significance. Either way, failing to include them in your will could result in them being inaccessible or lost after your passing.
- Why Should Digital Assets Be Included in Your Will?
Unlike physical possessions, digital assets can be challenging to access after someone dies. Many online services have strict terms and conditions that prevent unauthorised access, even for next of kin. Without a clear plan in place, your loved ones may struggle to retrieve important information or financial assets tied to digital accounts.
By including digital assets in your will, you can:
- Ensure valuable digital possessions are inherited by the right people.
- Avoid disputes over ownership and access.
- Preserve sentimental items such as family photos and personal messages.
- Prevent accounts from being misused or lost.
- How to Include Digital Assets in Your Will
- a) Make a Digital Asset Inventory
Start by creating a list of all your digital assets, including account details and descriptions of their significance. However, never include usernames, passwords, or PINs in your will, as it becomes a public document after probate.
- b) Appoint a Digital Executor
Consider appointing a digital executor—someone you trust to manage your digital assets according to your wishes. This person should be tech-savvy and capable of handling online accounts and platforms.
- c) Provide Instructions for Each Asset
Specify what should happen to each digital asset. For example:
- Should social media accounts be deleted, memorialised, or transferred?
- Who should inherit cryptocurrency or online financial assets?
- Should personal emails be accessed or erased?
- Should digital photos and videos be passed on to family members?
- d) Use Secure Storage for Access Details
While login credentials should not be included in the will, you can store them in a secure password manager or a sealed letter kept with your solicitor. The executor can then access these details when needed.
- Legal Challenges and Digital Assets
- a) Terms of Service Agreements
Most online platforms operate under strict terms of service agreements, which may restrict access after death. Some services allow accounts to be memorialised (e.g., Facebook), while others permanently delete accounts unless specific arrangements are made.
- b) Cryptocurrency Considerations
Cryptocurrencies pose unique challenges, as they are not linked to a central authority like a bank. Without the necessary private keys, even the rightful heirs cannot access digital wallets. Ensuring secure but accessible storage of private keys is essential.
- Keeping Your Digital Estate Plan Updated
As digital assets evolve, it is crucial to review and update your estate plan regularly. This includes:
- Adding new accounts or assets as they are acquired.
- Revising access instructions if platforms change policies.
- Ensuring your digital executor remains willing and able to carry out your wishes.
How Blackstone Solicitors Can Help
At Blackstone Solicitors, we help clients navigate the complexities of estate planning in the digital age. Our legal team ensures that your digital assets are properly accounted for and that your will reflects your wishes effectively.
Conclusion
Including digital assets in your will is essential for protecting your online presence, financial interests, and sentimental digital belongings. By taking proactive steps such as creating an inventory, appointing a digital executor, and securely storing access details, you can ensure your digital legacy is preserved and passed on smoothly. If you need assistance with digital estate planning, contact Blackstone Solicitors today for expert legal guidance.
We have a proven track-record of advising upon all aspects of private client work. We will guide you through the process and ensure all checks are carried out swiftly and efficiently and we firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.to incorporate, what kind of ownership
How to Contact Our Private Client Solicitors
It is important for you to be well informed about the issues and possible implications of writing a Will. However, expert legal support is crucial in terms of ensuring a positive outcome to your case.
To speak to us today, simply call us on 0345 901 0445, or click here to make a free enquiry. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.
Disclaimer: This article provides general information only and does not constitute legal advice on any individual circumstances.
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