In the digital age an increasing amount of time and money is spent on the internet. A recent survey of 2000 adults found over 25% held more than £200 worth of films, videos and music online. It should now be a consideration when making a will how you wish to distribute your digital assets, in the same way you would consider who you would like to receive your offline assets. This should be dealt with by making a record of web-based assets, deciding who you would like to have them and noting how to access them. Although it is important to remember that as a will becomes a public record after death, details such as passwords should be noted separately and stored with the will.
Another consideration is your living online legacy such as social networking affairs, email and internet banking. It is estimated that 1.78 million Facebook users will die this year, 200,000 of them will be over the age of 55. This highlights that it is not only the younger generation that need to consider their digital footprint in their wills but the older generation too, many of whom may already have made a will and should now consider revising it to include their digital wishes.
Web-based service providers have varying policies on what they require for someone other than the account holder to gain access. Although there have been recent calls to regulate online industries in this area, there remains a vast discrepancy between the policies of different websites. To make it easier for executors to tie up such affairs, it is advisable to make a list of usernames and passwords to be stored safely with your will. It may also be worth noting in your will how you wish for your social networking assets to be dealt with. Many providers offer not only the option to delete accounts after death but to memorialise them, preserving them indefinitely for friends and family.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.