The Law Society has just lately urged individuals to arrange a digital legacy with their will as a part of their property planning. A digital legacy covers all of these intangible and invisible property which we personal and couldn’t reside with out. The Law Society is aware that digital belongings are simply as vital by way of their worth and significance as our bodily belongings.
So what are digital belongings? They embrace belongings which can be accessed or held on-line so for instance, knowledge within the following accounts –
- Emails
- Online Banking
- Photographs
- Music
- Films
- Computer Games
- Personal Blogs
- Social Media equivalent to Facebook, Twitter and so on
- Professional Directories
- Online Shopping
These exist in each our private and enterprise lives. In some circumstances the place total companies function on-line there will be few bodily belongings. If you might be an internet enterprise proprietor have you learnt who would entry incoming orders, on-line financial institution accounts and many others with no preparations in place?
As a part of an property planning train it is best to assume that relations will not know the place to look on-line for your private digital property. On this foundation it’s simpler to draft directions making your digital life completely clear.A digital legacy will present executors with a street map to find and take care of your on-line affairs. By means of instance, full directions would permit your family members to recuperate sentimental and necessary materials like images held digitally.
It will be far simpler for your executors to deactivate and shut sure accounts for instance, Twitter if in case you have left clear directions.
You can start your preparations for a digital legacy by precisely logging all of the on a regular basis accounts which you utilize on-line. There isn’t any have to checklist passwords or PINs as there might be apparent safety points. As properly as making a listing of digital property we’d strongly suggest that that is often reviewed and up to date in order that it’s stored present. Something so simple as a written record stored with your papers may help households when searching for digital belongings.
With expertise and the way in which we retailer data always evolving it’s extra vital than ever that we think about now what occurs to our digital belongings and digital presence as soon as we’re gone.
We can focus on with you one of the simplest ways to attract up a digital legacy in response to your circumstances and desires. We even have an Intellectual Property crew who can assist with extra advanced digital legacies.
The Law Society has recently urged people to prepare a digital legacy with their will as part of their estate planning. A digital legacy covers all of those intangible and invisible assets which we own and could not live without. The Law Society is conscious that digital assets are just as significant in terms of their value and importance as our physical assets.
So what are digital assets? They include assets that are accessed or held online so for example, data in the following accounts –
- Emails
- Online Banking
- Photographs
- Music
- Films
- Computer Games
- Personal Blogs
- Social Media such as Facebook, Twitter etc
- Professional Directories
- Online Shopping
These exist in both our personal and business lives. In some cases where entire businesses operate online there will be few physical assets. If you are an online business owner do you know who would access incoming orders, online bank accounts etc with no arrangements in place?
As part of an estate planning exercise you should assume that family members will not know where to look online for your personal digital assets. On this basis it is easier to draft instructions making your digital life absolutely clear.A digital legacy will provide executors with a road map to locate and deal with your online affairs. By way of example, full instructions would allow your loved ones to recover sentimental and important material like photographs held digitally.
It will be far easier for your executors to deactivate and close certain accounts for example, Twitter if you have left clear instructions.
You can begin your preparations for a digital legacy by accurately logging all the everyday accounts which you use online. There is no need to list passwords or PINs as there could be obvious security issues. As well as making a list of digital assets we would strongly recommend that this is regularly reviewed and updated so that it is kept current. Something as simple as a written list kept with your papers can help families when looking for digital assets.
With technology and the way we store information constantly evolving it is more important than ever that we consider now what happens to our digital assets and virtual presence once we are gone.
We can discuss with you the best way to draw up a digital legacy according to your circumstances and wishes. We also have an Intellectual Property team who can help with more complex digital legacies.
Helen Gott
Solicitor Wills and Probate Department
HGott@LawBlacks.com
0113 227 9388
@HelenLawBlacks
