LAW
WORDS : ANDY PASSANT PICTURES : TOM BANKS
WHERE THERE ’ S A WILL ...
In these challenging times , making a will has never been so important . And don ’ t forget your digital footprint , as we spend more of our lives online .
Living through the devastating Covid-19 pandemic has made us all face the harsh fact of our own mortality .
With heartbreaking daily death tolls on the news and strict lockdowns keeping us at home , the pandemic has made us reflect on our eventual passing and what will happen to our loved ones when we are gone .
Perhaps we ’ ve also had more time on our hands to do the jobs we keep putting off , such as writing a will .
When drawing up a list of assets , we tend to think about tangible things , including our home , household contents , personal belongings , cars , jewellery , savings or investments , insurance , pension funds and so on .
But in our increasingly digital world , what about other assets we might want to pass on to our loved ones ? What about the digital footprint we leave behind ?
Research by the Law Society shows just over a quarter of the people surveyed know what happens to their digital assets when they die and why it is important to include them in their will .
It ’ s an often-overlooked area , but one that will be increasingly important in the future , says Andrew Steel , of Punch Robson solicitors .
Andrew is partner and head of private client at the Ingleby Barwickbased firm .
He said : “ There are a lot of changes to modern life , whether it is just in general or coming out of the pandemic , that people need to be thinking about . “ Anything and everything we do online these days is potentially an asset or something we need to deal with .
“ In the future , it ’ s going to be increasingly about all the digital stuff as well as the bank accounts and property . “ Now we are having to think about things like photos , videos , emails , social media , online music , gaming , blogs , cryptocurrencies .
“ It ’ s a massive sea change in people ’ s lives . A lot of our lives are online now .”
Digital assets can cover any accounts you open online , such as emails , social networking profiles on the likes of Twitter , Facebook and Instagram , photo sharing websites and any websites and domain names that you own .
Most online accounts you have will be password protected , meaning only you have access to them .
Many of us have digital assets saved on laptops , mobile phones and tablets , including photos , music , ebooks and films .
“ Things like music ,” said Andrew . “ Previously , when somebody passes and they have an extensive record collection , it is tangible , it has a value .”
Nowadays , so much of our music is downloaded from the internet .
Andrew said : “ It can belong to whoever you have that contract with . It is a licence to listen to it , effectively .”
So how do you stop your downloaded music from dying with you ?
Different companies will have their own policies but Andrew said some will allow you memorial-type accounts that allow limited access .
Some digital assets , for example , cryptocurrencies , will have a monetary value .
“ If it ’ s a physical cash wallet you have access to that , but with a digital wallet , you need to be able to log in to get access to that money .
“ There are examples where people have lost their passwords . Somebody had to employ hackers because they had forgotten their password .”
Other accounts may not be worth much in terms of cash but may have sentimental value .
Social media accounts , for instance , can hold memories that your family and friends may want to keep after you die . The best thing to do is to keep an up-to-date record that can be used by your executors .
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