Can I Pass My Digital Assets Through My Will?
Can I pass my digital assets through my will? When planning your estate, you need to consider your digital assets just like you would any other assets. There are some digital assets which can be passed through your will and some that cannot. In this article, our experienced Wills & Probate Solicitors explain everything you need to know about passing digital assets through your will.
What are Digital Assets?
Firstly, let’s start off by explaining what ‘digital assets’ refers to. Essentially, they are all the digital files and online accounts you own and use on your devices i.e., computers, tablets, phones or other devices. These types of assets tend to hold little monetary value, but they may have significant or sentimental value for your loved ones.
Below are the different types of digital assets:
- Email Accounts e.g., Gmail, Yahoo, Hotmail etc.
- Social Media Accounts e.g., Facebook, Twitter, Instagram etc.
- Subscriptions e.g., Netflix, Spotify, Amazon Prime etc.
- Marketplace Accounts e.g., Ebay, Amazon, Etsy etc.
- Apps – Any app downloaded on your phone or tablet
- Photos e.g., stored on your phone, computer, in the cloud etc.
- Books, Music & Videos Downloaded Through Streaming Services e.g., iTunes, Spotify, Netflix etc.
- Financial Accounts e.g., online banking, investments, trading etc.
- Insurance Accounts e.g., life, home, car insurance etc.
- Online Accounts for Utilities e.g., mobile phone accounts, gas and electric, broadband etc.
- Loyalty Program Benefits e.g., cash back schemes, points and rewards cards etc.
- Blogs & Websites e.g., domain mane registrars, hosting providers, blog building sites etc.
Can I Pass My Digital Assets Through My Will?
Whether you can pass your digital assets on through your will depends on the ownership and use of these assets.
When we sign up to online services, we regularly agree to terms and conditions, which means we are restricted to our use of these digital services and they contracted for our own enjoyment.
In some service providers’ terms and conditions, it highlights that the content acquired or used is a license to use, which means it cannot be passed on to your loved one after you pass away. For example, if you downloaded an album and you wish to pass it on to the next generation, you may be unable to because a lot of digital music content is used on a licensed basis and may not be yours to pass on.
Digital assets that you own and are transferrable can be passed through your will. You can determine who will get these when you pass away by including them in your will.
Examples of assets that can be passed through your will include:
- Funds owed to you by an online store e.g., Amazon or PayPal
- Loyalty program benefits (although this depends on the company’s policy)
However, you won’t be able to pass the majority of your digital assets on through your will because you do not have the right to transfer them. If you do not own or have the right to transfer the assets, then you cannot pass them on through your will.
Examples of digital assets that cannot be passed through your will include:
- Email accounts
- Social media accounts
- Subscriptions e.g., Netflix, Spotify, Amazon Prime etc.
- Apps on your phone or tablet
Make a Plan for your Digital Assets
Have you got your digital assets in order? If you want to make sure your digital assets are taken care of after you pass away, you should make a plan for what happens to them. Whether or not they will be passed on through your will, you can give your loved ones or the Executors/Administrators of your will the details they will need to access the account. Without providing the details needed to access the account it may be unobtainable after you pass away, which may be distressing for your loved ones.
Speak to one of our specialist solicitors today on 033 3344 9900 for advice on how to plan your assets.
Wills & Probate Solicitors Leeds & Yorkshire
Morrish Solicitors are one of Yorkshire’s leading Law Firms with offices in Leeds, Pudsey, Yeadon and Bradford. We provide expert legal services to clients based both regionally and nationally. Our team of professional Wills and Probate Solicitors Leeds are able to advise you a wide range of matters including:
- Will Writing
- Probate
- Estate Administration
- Trusts
- Tax Planning
- Lasting Powers of Attorney
- Court of Protection
- Care Homes
- Advice regarding cost of Residential/Nursing Care
If you require assistance on planning your estate or any of the above matters, please contact us on 033 3344 9600 or simply email [email protected] with your request.
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