Linda Cummins, head of Wills and Probate at legal firm Goldsmith Williams, says:
“More and more people are opening online bank accounts and using digital platforms to store personal items such as photographs and music. While it’s the norm these days, unless those appointed to administer an estate are aware of such arrangements, there is a risk of those assets not being discovered and, therefore, not forming part of the estate.
“Aside from financial legacies, gifting digital assets is becoming increasingly popular and the value of online accounts, such as iTunes music libraries can add up significantly, so questions about any digital assets should be standard when taking Will instructions”, explains Linda.
Even accounts with no monetary value, such as social network sites and personal blogs will need to be shut down in the event of a death, but if the executor has no knowledge of their existence these accounts will continue to be active.
Without being recorded, it can be an exceptionally difficult task to trace online accounts and even when they are tracked down, there is the problem of closing them without the relevant documentation and passwords. Listing them is the answer, however, Linda strongly recommends they are not included in the Will itself as this becomes a public document once probate is granted.
“Passwords to online accounts - not just bank accounts - should be detailed in a separate letter, usually referred to as a ‘letter of wishes’. It’s not a legally binding document, rather instructions to your executors so they can carry out your wishes.” A letter of wishes is not a public document.”
Linda, on a final note, says:
“Remember; your beneficiaries will only get those assets if your executor knows about them. Make sure they are recorded!”
