With technology at the forefront of most people's lives and a new generation of "social media techies" being brought up surrounded by tablets and smartphones, is it time we started thinking about what will happen to our technology profile after our death?
Currently, the U.K. has no formal procedure regarding digital assets and what happens in the case of death or incapacity.
Under the Inheritance and Trustees Powers Act 2014, personal assets (chattels) do not include digital assets.
It may be the case that some accounts cannot be legally accessed, and assets cannot be passed on. But some, normally those containing money can be, if the correct procedures are followed.
This of course doesn't just refer to accounts containing assets.
Nowadays, it is normal for people to have at least one form of social media account. Facebook for example, now allows you to grant someone access to your account in the case of death.
This is called a "legacy contact", and will allow your chosen contact access to memorialize your account.
It is also vital for those who hold their own online business, especially those who own intellectual property rights to address this issue.
For example, under the act, those who own a photography business may leave their hard copies to a beneficiary in their Will, however, they may not be given access to them digitally.
To prepare for this, you need to figure out your assets, your rights, and if this can all be passed on.
So, what can you do?
- Review the terms and conditions and find out what happens in the case of death or long periods of inactivity.
- Ensure your next of kin knows how to access your phone, tablet, laptop etc. And keep a note of your passwords and logins for these, ensuring that they are kept safely or encrypted.
- Ensure your legacy contact knows they're your contact and know what they need to do to manage your social media.
- Keep your bank statements organised.
- Ensure your executors know where your tax information is, but do not give it to them. Keep it securely as an up to date hard copy.
- Be specific about your digital assets in your Will, and leave additional powers in there.
- You may wish to accompany your Will with a separate letter of wishes if you feel you'd like to maintain privacy between you and your digital executor.
- Always ensure that you have an anti-virus cover on your computer, laptop etc.
To receive more information regarding Wills and your estate, contact LCS NOW on 0345 017 8250
