Digital assets increasingly form a part of estates, but despite this, they can be overlooked when it comes to estate planning. Here, we look at what these assets might be and the best way to ensure that they are handled correctly.
What are digital assets?
Some digital assets can have a monetary value, such as cryptocurrency, online business, digital accounts and intellectual property. Others may not, but can still make up a sentimental aspect of your estate, such as digital photos and posts you have made on social media accounts. People increasingly wish to include them in their estate for beneficiaries to enjoy.
Will digital estate planning affect a UK power of attorney?
It may well do so, inasmuch as you may wish to make sure that one of your attorneys is sufficiently tech savvy to deal with any digital assets forming part of your estate and is able to deal with them in an LPA which covers property and financial affairs.
If you are considering creating a UK power of attorney, you can find help online by searching for firms such as //powerofattorneyonline.co.uk.
What first steps should I take?
When preparing a will, you will need to appoint an executor who will be personally and legally responsible for the deceased’s estate assets. As suggested above, if digital assets make up part of your estate, it is important that this person is familiar with the concept.
Finally, it is vital that you compile a list of these assets and remember to provide any passwords needed for access.
