Life is now increasingly becoming digital. We have laptops, smartphones, Facebook, Instagram, ITunes, pay pal, online banking, private email accounts, Amazon Accounts, digital photographs and for the brave cryptocurrency. Whilst not all of our digital assets have a monetary value many will and many will have a sentimental value. It is therefore essential that consideration is given to your Digital Assets in the context of both your Will and your Lasting Power of Attorney.
Digital assets and your Will:
Digital property does not vest with the executors until it can be found, accessed and retrieved. It is therefore prudent to have a secure list of your digital assets and details of how to access them to avoid these assets being overlooked or lost. Such a secure list should be regularly updated. Often such a list forms part of a letter of wishes which is held securely with your will.
Digital assets and your Lasting Power of Attorney:
LPAs are very useful tools to enable trusted individuals to look after your property and affairs when you are no longer capable. It is important that your attorneys know how to access you digital assets by having a secure list as outlined above, but it is also essential that the LPA is worded specifically to allow them to deal with your digital assets and with third party providers, this is especially important if you hold crypto currency. Please see my earlier blog: https://lnkd.in/gGNqsSaK
Whilst it may seem daunting for an individual, Executor, Attorney or Trustee, it need not be provided expert advice it taken at the earliest possible opportunity and careful planning is put in place.
The overlooked asset: Digital Assets - your Will and Lasting Power of Attorney
Originally published 17 Mar 2022.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
