Digital Assets & Wills

For every part of your life and business,
talk to GSC
+44 (0)20 7822 2222 hello@gscsolicitors.com

Digital Assets & Wills

January 19th, 2021, Legal Updates, News

In our modern world which increasingly relies on technology, digital assets are something that people who use a computer, tablet or smartphone certainly have. While digital assets may not necessarily have a monetary value, they definitely have sentimental value. For example, photographs and videos create memories which makes them irreplaceable and priceless. This is why it is so important for people to understand what will happen to their digital assets and include them in their wills.

While social media accounts, emails and online account details may be treasured even more than physical possessions, very few people understand the importance of access to such information, and digital assets are very often overlooked in wills. The most obvious examples of digital assets are:

  • Social Media – Facebook, Twitter, YouTube, etc.
  • Share Trading Accounts
  • Email Accounts
  • Bank Accounts including PayPal
  • Online Gambling Sites
  • Virtual Currency
  • Cloud Storage
  • Content Holders – eBooks, Spotify, iTunes, etc.
  • Online Auction Sites – eBay, Gumtree, etc.
  • Domain Names.

According to the Law Society, the number of people making or updating their wills has skyrocketed during the pandemic. However, in spite of all these efforts, the majority of people still do not have their affairs in order.

The research conducted by the Law Society has found that 93% of those who have a will in place have not included any digital assets in it, and three quarters of people do not know what will happen to their digital assets at all.

Considering your digital assets when making a Will is more important than ever and in the event of death you need to consider putting in place a Will that makes provisions for the management of digital assets and to maintain a log of the digital assets you have.

At GSC Solicitors LLP we are able to advise people on the best way to include both their physical and digital assets in their wills. This is crucial to ensure that people’s estates will be inherited according to their wishes, and their family members will not face any unnecessary difficulties that will cause additional stress to their already grieving families.

To have a quick chat with about adding digital assets to your existing will or even if you do not have one in place, please do not hesitate to contact James Cohen directly on jcohen@gscsolicitors.com or 0207 822 2257.

© 2021 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

Have a question?

For every part of your life and business, talk to GSC

GSC Solicitors LLP
31-32 Ely Place, London EC1N 6TD
DX: 462 London/Chancery LN (View on map)

+44(0)20 7822 2222
hello@gscsolicitors.com