Law Society stresses Wills should include digital assets
The Law Society have been stressing the importance of including ‘digital assets’ in Wills by urging people to include emails and photos when dealing with their affairs, after research reveals that three quarters of people do not know what happens to their online presence after they die.
The Law Society commissioned a survey which revealed that 93% of those who had made a Will had not included any digital assets in it.
In a survey of more than 1,000 respondents, only a quarter knew what will happen to their digital assets after they die – with only 7% fully understanding the importance of including their assets.
Meanwhile, of those surveyed, just 29% have an up-to-date will.
Law Society president David Greene said:
“Technology is a huge part of modern life and our digital assets include everything from photos stored online to online banking and email accounts.
Overwhelming majority of people do not account for digital assets in their wills, research finds ‘Photos, social media accounts and emails from loved ones are often just as treasured as physical possessions – and yet very few people understand what happens to their digital assets or why it is important to include them in their will.”
Greene warned that overlooking digital assets could leave family members unable to access information needed for probate which is stored on online banking accounts, as well as family photos and social media accounts.
“Writing a digital will and keeping a clear record of online passwords ensures that your loved ones are able to access your digital assets and are not faced with any additional stresses during probate.”
Last month, the Law Society had seen a dramatic turn in the amount of people drafting or updating wills during the Covid-19 pandemic. But warned that the ‘overwhelming majority’ of the public had still not put their affairs in order.