SEPTEMBER 2021 | Countryside
Henfield resident Richard Bates, consultant solicitor at Cognitive Law in Brighton, comments on Digital Assets. When considering assets to be dealt with in their wills, most clients generally overlook digital assets. Indeed, a recent Law Society survey revealed that 93% of people with a will have not included digital assets in it and only 7% said they fully understand what happens to digital assets after they die. Digital assets have become an integral part of modern life, and it is important to provide for them in our wills. A digital asset is anything that is stored in binary format and comes with a right to use. This means any online accounts, such as email accounts, social networking profiles, photo sharing websites and any owned domains. It may also include digitally held photographs, documents, instant messages, spreadsheets etc. In most cases, they are password protected, giving only you access to them. Indeed no one else might know of their existence. That said, many digital assets, such as online accounts or cryptocurrencies will have a monetary value so your executors should be given access accordingly. Whilst other accounts, such as Spotify, may not have a cash value, you may wish to pass the use of these on to a loved one. The same goes for social media accounts. Without instructions, your executors may know of and be able to deal with obvious digital assets, but lesser-known assets, including cryptocurrencies, are trickier. Sentimental items, such as family photos, can be left as part of a gift of personal property, but only by your will. Some accounts allow you to nominate someone to control your account, while others allow an executor to request an account’s removal. You should consider who will deal with your online presence after death and include a digital assets clause in your will, giving your executors discretion to decide who will benefit from any digital assets with monetary or sentimental value. Alternatively, you could leave certain digital assets to named beneficiaries. You can also decide whether you want social media accounts to be closed or memorialised. To discuss any of these issues further, please get in touch on 07866 547366 or richard.bates@cognitivelaw.co.uk. You can also find out more at www.cognitivelaw.co.uk. Cognitive Law Limited is registered in England & Wales under company number 9753152. Our Registered Office is 21 Sussex Innovation Centre, Science Park Square, Falmer, Brighton, BN1 9SB. We are authorised and regulated by the Solicitors Regulation Authority (SRA Number 626344) and comply with the SRA Code of Conduct.
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