Digital Assets – Does your Will have a Digital Asset Clause?
In the context of a will, a digital asset clause refers to a provision that addresses the treatment and disposition of digital assets after the testator’s (the person creating the will) death. Digital assets may include online accounts, social media profiles, cryptocurrencies, digital files, email accounts, and other similar items of value stored electronically.
Since digital assets are intangible and often governed by specific terms of service and privacy policies, it is essential to include a digital asset clause in your will to ensure that your digital property is properly managed and distributed according to your wishes. Here are some considerations for a digital asset clause in a will:
1. Inventory of digital assets:
Begin by creating an inventory of your digital assets, including a list of online accounts, usernames, passwords, and any other relevant information. This will help your executor locate and access your digital assets.
2. Appointment of a digital executor:
Consider appointing a digital executor or providing specific instructions to your executor on handling your digital assets. This individual should be someone you trust who is familiar with technology and can effectively manage and distribute your digital assets.
3. Access and login credentials:
Specify how your executor can access your digital accounts and provide detailed instructions on where to find login credentials, encryption keys, or any necessary authentication information. You may want to store this sensitive information securely and separately from the will itself.
4. Digital asset wishes:
Clearly state your wishes regarding the treatment of specific digital assets. For example, you may want to delete certain accounts, transfer ownership of digital property, or grant someone access to your digital files.
5. Legal authorisation:
Be aware that the laws regarding digital assets may vary depending on your jurisdiction. Ensure that your digital asset clause complies with applicable laws and regulations.
It’s important to consult with a Solicitor who can provide guidance and help you draft a digital asset clause that aligns with your specific circumstances and legal requirements.