Covid-19 Update: We are continuing to provide our usual services whilst maintaining the safety of clients and colleagues. Read our latest update here.

Complete the form below to ask us a question or make an enquiry. We’ll get back to you via phone or email as soon as possible.

Insights

Why you should include digital assets and passwords in your will

Posted on 20th May 2021 in Probate & Wills

Posted by

Sue Halfyard

Associate and Chartered Legal Executive
Why you should include digital assets and passwords in your will

The Law Society has advised that people should include digital passwords in their will to ensure executors can access vital online information.

The Law Society’s recent research has suggested that only 7% of people fully understood the importance of digital information such as passwords, social media accounts and online or Cloud-based photos after they have died. The remaining 93%, apparently, have made no such provision in their Wills or otherwise. In today’s increasingly digital environment, this can only lead to problems.

We are all aware of the need to keep our important paperwork in a safe place and make sure that our executors know where it is, but many of us do not consider access to financial assets such as PayPal or Bitcoin which may have an effect on the value of an estate, and in turn, any Inheritance tax which may be payable as a result of the additional assets.

Whilst it is still possible for executors to deal with bank accounts, shareholdings, and credit cards etc after a person’s death without knowing passwords, accounts with PayPal, Bitcoin and social media are not so easy to deal with.  You should therefore consider whether there are any digital assets for which there is no paperwork and which your chosen executors may not be able to access on death. If so, please be aware of the need to supply details and, if appropriate, passwords to them.  You should also consider how we wish our social media accounts to be dealt with, as it is now possible to add a legacy contact in some platforms.

 

How can Tozers help?

If you would like to put a Will in place and/or consider making provision for your digital assets, contact our specialist solicitors today.

Contact our legal experts

 


 

Paper plane

 

Get the latest news straight from our legal experts.

Subscribe to our newsletter to recieve current, dedicated, suppport and guidance from our solicitors straight to your inbox, wherever you are.

Company & Industry

Related Insights

Insights

Maternity wards still not improved despite a series of recent scandals

Posted on 21st September 2021 in Medical Negligence

Care Qualify Commission has voiced concern that mothers’ and babies are being put at risk of injury and death because too many maternity units have not improved.

Posted by

Simon Mansfield

Partner and Solicitor
Insights

Digital Lasting Power of Attorneys

Posted on 20th September 2021 in Later Life Planning

A more straightforward digital system to set up a Lasting Power of Attorney (LPA) could come into play, but experts say that it is vital that sufficient safeguards are in place to protect elderly and vulnerable people from abuse. In this article, we look at how the system might work, and the concerns for potential abuse of a digital process for setting up Lasting Power of Attorney.

Posted by

Gráinne Staunton

Partner and Solicitor