Wills and Probate solicitor, Arlene, says “in the modern day, it’s becoming increasingly important to include digital assets in Wills, and knowing whether these assets belong to you, or if you only own a licence”.
Digital assets may take many forms, including that of your e-mail, on-line music, film and games purchases, your social media accounts, and forms of cryptocurrency, such as Bitcoin. Passing on these assets is still important as, even though they do not have a physical presence, they can still carry monetary and sentimental value.
You may be able to specify the action to be taken in respect of photographs or videos you have saved or created over time. This could include the identity of those allowed to view the content, a password for your hard drive device, and potentially any log-in details to on-line cloud services where content may be stored.
Assets such as cryptocurrency will carry real time monetary value which, in time, could benefit an individual or organisation.
Additionally, many digital assets belong to an international body, such as Luxembourg’s authority over PayPal. Therefore, this is a factor a legal professional needs to be aware of, when drafting a Will.
On the other hand, you may not own music, films, games, books, or videos downloaded to a personal device. You may only have purchased a licence to use the content rather than the rights to the item itself and this licence may not be transferrable to any other person on death.
In many cases, difficulties can be avoided by supplying appropriate information to the Executors of your will or those acting on your behalf, but if you would like legal assistance in relation to creating a will, including dealing with your digital assets, please call Churchers on 01329 822 333 for further information.
Christopher Matthews comments on the collapse of Universal Wealth ManagementMore Info
Research just published underlines how ill-prepared most people are in terms of their end of life planning.More Info
According to a recent study published by The Lancet, it is estimated that in the next twenty years, the number of over-85s requiring around-the-clock care is set to double.More Info
Vulnerable offenders with mental health, alcohol and substance abuse issues are addressing the underlying cause of their offending, as part of a pioneering new government backed scheme.More Info