Have your clients drawn up their digital legacies?
Research published by Saga Legal Services has revealed that the average Briton has £333 in digital assets; yet 9 out of 10 have failed to specify where their online bank accounts and other online accounts are held.
Online assets including bank accounts, savings, investments, pensions, digital music and movie collections could go unclaimed if the deceased fails to leave a digital legacy.
In the last eight years the number of internet users over the age of 65 has quadrupled, so it is becoming more important than ever, and the financial implications are growing in severity; according to Emma Myers, Head of Wills at Saga.
According to further research conducted by Co-Operative Legal Services, eight out of ten bereaved people report difficulties in conducting online accounts which could equate to billions of pounds of unclaimed revenue.
In 2014 the Law Society started urging people to leave clear instructions as to what should be done with digital assets after death. By leaving a list of all digital assets and digital presences (including log in details), with their will, loved ones can piece together the digital accounts and follow the wishes of the deceased.
Although Facebook and Google have legacy features, many social networks don’t, and without appointing an online executor, many families could be faced with lost time, stress and difficulties as they try to navigate the online minefield with no passwords or instructions left behind by the deceased.
According to the Saga research, 87% of Britons have not planned their digital legacies; have your clients planned theirs?