What happens to your online or digital assets when you pass away?

The majority of people now have at least some form of ‘digital asset’, whether it be a paypal account or betting account, social media networks, blogs, cloud or i tunes accounts, they are all classed as ‘digital assets’.

Even if people are sensible enough to leave a Will and keep it regularly updated, often they do not consider their ‘online’ assets or assets held electronically, such as photos stored on their computer, and what will happen to those on death.

The legal position is that such digital assets are classed by definition as ‘information’. Personal Representatives of an estate are legally required to administer the real and personal estate of the

deceased – this definition does not include ‘information’.

Often Personal representatives find huge difficulty in accessing the online assets of a deceased due to the various rights attached. They could find themselves in breach of copyright, confidentiality orin breach of the terms of the provider.

Some individuals may hold rather substantial amounts of money in a paypal or e bay account, particularly business owners. Few people consider what will happen to information about them or their business after death, who will have rights to it, who will have access?

Many terms and conditions of online providers vary substantially and if you pass on secure log in details to your relatives you could find that you are getting them into a whole host of trouble as well as you breaching your terms.

Social media accounts are a perfect example of sentimental digital assets. Often such accounts are addressed by Personal Representatives by simply recording a memorial account. If people do not change the status of accounts they can find their loved ones at risk of identity theft and find themselves having to deal with accounts that have been hacked – who needs this at a time of bereavement?

Digital assets can be of significant value and often hard to trace, such a bit coin. Would your executors know what you have and how to begin tracing your assets – register now at LegacySafe.com.