Notice: Undefined index: options in /var/www/vhosts/nationalparalegals.co.uk/httpdocs/wp-content/plugins/elementor-pro/modules/theme-builder/widgets/site-logo.php on line 194
Guest Blog | Securing Your Digital Assets - National Association of Licensed Paralegals

Guest Blog | Securing Your Digital Assets

News
Amanda Hamilton, CEO of National Association of Licensed Paralegals
Amanda Hamilton

This is a Guest Blog from Finders International, the award-winning probate researchers. You can find out more about their services at www.findersinternational.co.uk

 

Securing Your Digital Assets

Only six percent of people have specifically included their digital assets in their wills, according to a
London and Watford-based law firm that surveyed its clients this year.
VWV’s survey found there to be widespread confusion about what rights people have over their digital
assets—even though almost every adult in the UK now has them. In an article in the Watford
Observer, Megan Seabourne, a partner at the firm, explained what digital assets are. These include
email accounts, social media, photographs stored online, digital documents and crypto-currencies.
But how does a person pass on digital assets or ensure that any ‘worth’ is not missed or abused after
they die?

Updates to include digital assets

In the VWV survey, more than 65 percent of those who had made a will said they planned to update it
to include digital assets. Ms Seabourne explained it is a good idea to reference your digital assets in a
will, but this does not mean they will be passed on to your heirs as you wish.
One major issue is that the law that covers digital assets and how they are dealt with has not managed to keep up to speed with the change in developments in technology. So while it might be sensible to appoint someone as your digital assets manager in any will you make, this does not cover what the providers of digital content will do—i.e. do they accept a third party taking control of such assets especially when such an appointment could be open to all kinds of abuse?
A digital assets manager would require consent for the ability to reset passwords, for example, or to
receive information.
While such considerations exist, Ms Seabourne is still keen to reinforce the message that anyone making a will should think about their digital assets and what they want to happen to them after they
die. At the moment, the only practical way of doing this is to pass on log-on details. This, however,
might breach user agreements with providers.
Inheritance tax will apply to digital assets that have financial value if an estate exceeds the current
threshold for tax purposes. So books or music published on streaming sites, and their sales would be
added to the value of an estate.

If you are in the legal profession in the UK, Finders International can locate missing documents so you can distribute an estate to the legal beneficiaries. These can include birth, marriage or death certificates, copies of wills, grants of probate or letters of administration, and copies of decrees absolute. Email us on contact@findersinternational.co.uk to find out more. 

Share
Amanda Hamilton, CEO of National Association of Licensed Paralegals
Amanda Hamilton

Other news

Members Only, Webinar

What is it like working in the Probate Research Industry (Video)

Chantal, PR Director for the National Association of Licensed Paralegals discusses with Ryan Gregory what it is liking working as a paralegal in the Probate Research industry. Join us for...read more.

Members Only, Webinar

How AI may impact the work of paralegals (Video)

Join the NALP team as they interview Robin Ghurbhurun and discuss the impact of AI and how it could impact the work that paralegals do on a day to day...read more.

Members Only, Webinar

Working as a paralegal in the Defence Sector (Video)

Watch and listen as NALP member Yasmin Underwood talks about what it is like working as a paralegal in the Defence sector. Previous webinars can be seen on our YouTube...read more.

Webinar

NALP webinar: Business Continuity (video)

Business Continuity is looking at how a business will cope in the event that something goes terribly wrong. This webinar goes through just how important business continuity is, particularly to...read more.

Articles

What is the true impact of the virtual eradication of legal aid?

In April 2013 The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) came into force. This statute introduced funding cuts to legal aid, resulting in fewer consumers of...read more.