Many aspects of our lives leave a digital footprint, such as online banking accounts which store our financial data, social media accounts which communicate our personal journeys through life, email correspondence and sentimental assets such as digital photographs and music.
While the law still lags behind, with no statutory definition, digital assets can include a multitude of hardware and software.
In a digital age, where intangible assets are increasingly being created and stored online, not only do we need to plan for how we’d like our physical possessions dealt with when we die, but we also need to outline how our digital assets should be administered.
How can digital assets be sourced?
An individual continues to have a digital presence with echoes of their lives online after they have passed away, however often only the person who owns the account is aware of it, so digital assets can easily become lost when someone dies, especially if accounts are held in their sole name.
While a next of kin may want to access sentimental assets such as digitally held photographs or music, often it can be very difficult to access and close down other assets such as online bank accounts.
While it is advisable to make a digital directory of your online assets alongside account numbers, passwords should not be listed for security reasons.
Can I legally access another person’s online accounts?
Even if you hold someone’s usernames and passwords, it is unclear whether you can access their accounts after their death. While the internet is globally accessible, legislation differs from country to country, so the laws surrounding accessing a person’s digital assets after death is patchy.
The executor should refer to the terms and conditions of each digital asset provider, as the rules vary between companies. Some assets will not be owned but merely licensed, for example where a person has a licence to play downloaded music.
Contact should be made with each service provider to find out whether the account has ceased to exist upon death of the owner, or whether another person is able to access the owner’s account on their behalf.
Often providers only allow the owner to access the account, so even if you have permission to access it, you could find yourself breaking the law.
Can I leave digital assets in my Will?
It is possible to make arrangements about what should happen to your digital assets when you die in your Will.
Assets which have monetary value or attract intellectual property rights, such as a photographer’s portfolio, should be subject to a specific legacy clause in your Will. It may be wise to have separate executors who have the expertise to deal with each individual asset. Assets which have no obvious monetary value however, for example your personal photographs, can be left in your Will under a clause dealing with personal chattels.
Dealing with social media accounts is a more complex matter as the rules vary for each platform, however the Society of Trust and Estate Practitioners (STEP) provides a useful summary of how to manage this type of accounts.
With a large proportion of us increasingly living out our lives online, it is more important than ever to make arrangements for what you want to happen to your online life when you die.
For more information on managing your digital assets, please contact Peter Barnes on 01254 884253
