26th May 2017
Life is increasingly becoming digital and accordingly so are people’s estate assets. Often our banking is online, as are our utilities, and insurance. We have Facebook and Twitter accounts, gaming accounts, phones, laptops, photographs, music, books, which we quite rightly should protect.
These key assets should be given key consideration when making a Will or indeed should be a consideration if your Will is current, up to date and fit for purpose.
Many people think about inheritance tax planning as they do not wish to lose money in tax, but losing the asset to cyberspace, because your Executors either don’t know about it or can’t access it, is something a lot of people don’t consider and is easily avoided.
Here are some tips to think about:
- Compile a list of your digital assets.
- Compile a separate list of how to access them and double check that this is up to date.
- Keep the list in a safe and secure place, but one that can be accessed by your Executors (and your Attorneys if you have a Lasting Power of Attorney) for when the time comes.
- Do not include passwords in your Will as this will become a public document once a Grant of Probate has been issued. Use a side letter instead that is kept secure and up to date.
- Keep your list and Will regularly updated cross referencing this important activity.
Victoria de-Mel and Karen Keyho are accredited by the Society of Trust and Estate Practitioners.
This accreditation gives confidence confirming we have been assessed as having a combination of specialist qualifications and experience, including significant involvement at a specialist level with inheritance and succession planning.
Examples of issues that Roebucks assist our clients on are:
- Providing for an individual following their partner’s death, while protecting the interests of their children.
- Ensuring elderly or vulnerable relatives are cared for and supported.
- Inheritance tax planning.
- Ensuring that a family business will pass safely from one generation to another.
- Helping clients to support charitable causes in an effective way.
If you require any further information on inheritance planning and protecting your assets then please do not hesitate to contact Victoria de-Mel, Solicitor, Director and Head of the Private Client team specialising in Wills, Lasting Powers of Attorney, Estate Administration and Court of Protection on 01254 274000