Digital assets is a broad term used to describe any assets stored in binary format. It often refers to online accounts, like email or social networking, as well as any owned websites and domain names. It also includes items stored on a computer or online accounts, such as digital documents, photographs, videos, emails and instant messages.
Like physical assets, digital assets can be valuable. This can be in a monetary sense, such as an online payment account (e.g. PayPal), cryptocurrency or digital intellectual property. They may also hold sentimental value and/or you desire for someone to inherit them, e.g. music stored in iTunes or online gaming accounts. You may even wish for their deletion following the event of your death.
Currently, there are no laws in the UK dealing with digital assets. Existing Wills and probate law focus mostly on physical assets and property.
As technology becomes more and more prevalent within our daily lives, however, it is important not to overlook these assets when preparing a Will. As many digital assets are password protected and may also be private, it is also important not to assume that your family and friends will know where to look or how to access them.
After considering all the digital assets you have and which ones you wish to pass on, your first step should be to create an inventory and decide how you want each digital asset to be administered in the event of your death. When deciding on the latter, be sure to look at the terms of service for each provider as some may not allow a third party.
Your final steps should be to prepare your Will, appointing a person you trust to be your Executor, and ensure that it is kept up-to-date.
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