What happens to my “digital assets” when I die?
Do you have a computer, a tablet or a smartphone? Do you go online to access, store or manage your photos, videos, music, e-books, blogs, movies, bank accounts, medical records, social media, emails, etc?
These are called “digital assets”. They are referred to as “assets” because they may be of financial or sentimental value. They can be just as valuable as your physical assets or investments. As such, they should be part of your general planning for later life (i.e. if at any time you lose mental capacity to manage your own affairs) or for what happens when you die (i.e. your Will).
At Posada & Co, we can assist you in planning your digital legacy. We recommend that you book an appointment with one of our lawyers to ensure that you have a plan in place for your digital assets.
Here are some useful tips to get you started:
1. Make an inventory list of all your digital assets
2. Appoint a representative (i.e. a Lasting Power of Attorney if you become mentally incapable and an Executor for your Will on your death)
3. Tell them what you want to do and achieve (and where to find your inventory!)
4. Make sure your representative knows how to access your accounts and passwords
5. Check the terms of service agreements of your digital assets (e.g. Facebook has specific rules for digital legacies, British Airways have a policy on passing on your airmiles, etc.)
To book an appointment with one of our lawyers, call us today on 020 3744 3800 or 01883 338 606.