Estate Planning starts with an inventory of all assets in the event of death but in this digital age, are we thinking about the importance of our online assets?
Our way of life has been transformed by the complete tsunami of internet based everything. From financial accounts, online shopping, loyalty schemes, social media, memberships, cloud storage – where all images and data is stored, after death, what happens?
Without the scope of a decedent’s online presence we may have no idea what digital assets are left behind, or the survivors could lose their loved one’s whole identity. Without diligence and guidance no one may know the importance of the digital assets that could be irretrievable in death.
Unfortunately, without detailing online assets, user names, passwords, phone or email verification details, accounts could be vulnerable to theft as well. If you haven’t kept all your details within your Estate Planning record, then it may be a case that all is lost without extensive backtracking, investigations and contacting companies and businesses that are legally bound to protect their client’s identity and information – enter more legalities, time and money.
Whether your digital assets are monetary, sentimental or insignificant – by having them listed with all their details and how you wish them to be administered if you become mentally incapacitated or after your death – you will be handing those who have lost you, a desk to flick through and reminisce. But without this information, the process will be difficult and time consuming for those grieving.
Do make sure all of these details are in a safe place with a financial advisor or the rest of your important documents – there will be a major risk if they fall into the wrong hands.
If you have any questions about the subject please call Will Protect for all the information and advice you’ll need to put your digital assets in place.
Contact our qualified and friendly team at Will Protect on 0345 894 8441 or alternatively email us at firstname.lastname@example.org.