Create a Digital Legacy
Do you have any of the following?
- Email account
- Bank accounts with online access
- Social media accounts (Facebook, Twitter, Instagram, etc)
- Storage accounts for photos, videos, music, etc
- Website, blog, dropbox, etc
- Gaming accounts
- Gambling accounts
The world we live in is becoming more digitalised and, quite rightly, you are encouraged to keep your login/password details secure. But what will happen to these accounts when you die? Your loved ones may not be able to retrieve years’ worth of photo memories, cash in your gambling account balance, notify your social media friends or followers of your passing, nor, perhaps most importantly, be able to access your online bank accounts.
Recent research by a large funeral director company has found that 75% of online bank account holders have not made arrangements for their details to be passed on after their death. Only 16% of people, however, said they wanted their next of kin to have access to their social media accounts.
After your death, your executors must disclose the value all of your assets to HM Revenue and Customs. If they aren’t aware of certain assets, they will not be able to disclose them, nor distribute them amongst the beneficiaries listed in your Will. In all likelihood, the accounts will sit dormant for a period and in time, the benefits may be forfeited.
In the absence of sharing passwords and printing a copy of your latest online bank statement, we at Whitehead Monckton have teamed up with a company who will securely store all your information in one place. Upon your death, this will be released to your executors, who will thereafter be able to administer the assets. This allows you to take control of your digital life by storing whatever information you wish, which you can regularly review and amend to keep up to date, as your passwords or indeed circumstances change.
If you would like to discuss this with us, please contact us. Whitehead Monckton provide rounded Succession Planning advice from their Canterbury, Maidstone and Tenterden offices and your digital legacy will be discussed amongst your other wishes and objectives. We are accredited by the Law Society’s Wills and Inheritance Quality Scheme.