Digital Assets: 21st Century Wills and Inheritance
When thinking about our assets, most of us make a list of those things that we know are valuable: our homes, our bank accounts, perhaps our shares in companies and our pension pots, but do we think about those not so apparent assets?
Only the other day, I purchased a £45.00 pizza voucher with my Nectar Points, and it made me wonder; how many people know they can inherit digital assets?
What are Digital Assets?
A simple definition of a digital asset is ‘content owned by an individual that is stored in digital form’, whether it has monetary value or not. In an ever-more digital world, we are more likely to have more digital assets than we realise! Below is a non-exhaustive list of everyday examples of digital assets that we more than likely own:-
- Facebook / Twitter / Social Media Accounts
- PayPal Account
- Nectar Point
- Tesco Clubcard Points
- Morrison More Points
- Boots Advantage Points
- Airmiles
- Apple Account
Do you own any of the above? If so (with the exception of the Social Media accounts- these will be covered in next week’s post), you have digital assets that can be inherited by your family and friends!
How do I gift them?
The answer is simple- make a Will! This way, you can decide who inherits which asset when you die. It is always a good idea to make a list of your digital assets, as they are not as obvious as your liquid assets. It is also a good idea to leave a username / card number so the executors of your Will can contact the company efficiently. At Lawson-West, we can provide a ‘Personal Estate Record’, which allows you to collate all of your assets for your executors to use when you have passed on.
Would you like some more in depth advice? Speak to one of our highly experienced Specialist Wills & Probate Lawyers at any of our offices. Call us on 0116 212 1000 for an appointment in Market Harborough, Wigston, Leicester or at your home.
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