Did you know that nearly five billion people share their lives online?
From treasured photos and messages on social media to important documents and financial records, your digital presence forms a vital part of your life story.
Despite this, digital assets are still often overlooked in estate planning.
Without a digital estate plan, your loved ones may not be able to access or manage your online accounts and important digital assets.
That’s why we’ve launched our new Guide to Securing Your Online Life to help you find out more about our digital estate planning services.
Here’s what you need to know about digital estate planning and how you can implement it into your larger estate plan.
What is digital estate planning?
Digital estate planning, or digital asset management, sets out the digital assets you own and how you would like them to be distributed upon your death.
Unlike liquid assets, the monetary value of digital assets is not always immediately apparent.
Not all digital assets hold monetary value, but they may hold sentimental value.
The challenges of digital estate planning
Digital assets and the issues surrounding them are evolving faster than legislation. This means that there are several challenges involved with digital estate planning.
Digital assets are not currently defined in English law. Theoretically, they should be treated like any other form of property. However, there are key notable differences.
Unlike traditional assets, there is often no physical documentation that proves the deceased’s ownership of digital assets, therefore, it becomes necessary to access the deceased’s online accounts.
While physical assets such as properties or bank accounts are usually easily accessible to Executors, this is not always the case with digital assets.
Furthermore, under the Computer Misuse Act 1990, it is a criminal offence for anyone to gain unauthorised access to any computer device, including using another person’s password without their permission.
This can make accessing and distributing digital assets very difficult for Executors.
Although the Digital Devices (Access for Next of Kin) Bill was proposed in 2022 to grant a right of access to the digital devices of a deceased person to their next of kin, it only reached a second reading before the 2021-2022 session of Parliament was prorogued. At present, the Bill will make no further progress.
This is why it is important to consider how you wish to distribute your digital assets and how you will enable your intended beneficiaries to access them legally.
What you can do to prepare
Your first step should be to prepare an inventory of your digital assets, including relevant terms and conditions (such as deleting or preserving social media accounts) and any passwords needed to access these assets.
These should be stored an online encrypted and secure digital vault that can only be accessed by an appointed Executor upon presentation of your death certificate.
As a client of Palmers Solicitors, you have access to Zenplans, a digital estate vault that helps you securely organise all aspects of your digital life.
You can also utilise pre-planning tools, such as setting up Legacy Contacts, to help you manage your accounts after your death.
You must also make it clear in your Will that your Executor(s) are authorised to access your digital assets after your death. This will help to prevent them from falling foul of the Computer Misuse Act.
Secure your digital legacy with Palmers Solicitors
Digital estate planning is an essential part of your preparations for how your legacy will be managed after your death.
At Palmers Solicitors, we can help you keep up to date with the latest regulatory developments in digital estate planning and ensure that your overall estate plan includes your digital assets.
Our new resource, Your Digital Legacy: A Guide to Securing Your Online Life, explains how you can use Zenplans and pre-planning tools to ensure your digital legacy is left in safe hands.
Take control of your digital legacy today, get peace of mind and clarity tomorrow.
Secure your digital legacy today with Palmers. Download our guide to securing your online life.