A digital asset can be anything that exists in a digital form. Typically, people think that a digital asset would relate only to things such as cryptocurrency or logo patents but in reality, it can be anything from the pictures and videos stored on your phone, emails linked to your computer and social media accounts.
With the growing use of technology in our lives and more data being stored online, it begs the question as to what happens to your digital assets after your death? They will be considered as part of your estate and you should therefore account for them when making a Will or administering an estate.
It is possible to include a clause within your Will which enables your executors to have the flexibility to dispose of your digital assets as they think fit, or alternative you can make a specific gift of all or some of your digital assets to a particular person within your Will. Failing the inclusion of any clause gifting the digital assets, these assets will fall into your estate for distribution amongst your residual beneficiaries.
That said, accessing your digital assets after death has been challenging for executors and loved ones in recent years owing to data protection laws. Many organisations are now alert to these issues and have set up ways to provide your loved ones with continued access after your death.
For example, Apple have updated their software so that their consumers who have iOS 15.2, iPadOS 15.2, and macOS 12.1 installed on their devices can now add a Legacy Contact. This is one, or more persons who would be able to apply for access to the deceased’s device in order to retrieve the data. Facebook also allow a similar initiative where you can select a legacy contact to look after your memorialised main profile or have your account permanently deleted.
It is important that where you have digital assets you are thinking about who you would want to access these after your death and what steps you might need to take. It is also important not to remember that the device within which the digital data is stored is not a digital asset, as it is tangible and by giving someone access to the digital data does not give them the right to retain the device itself.
If you are concerned about your digital assets, or want to know what you can do within your lifetime to assist you loved ones after your death please get in contact on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.