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Safeguarding your Digital Assets

For most of us our online world and digital interactions keep growing each day

Father and children using smart phone, tablet and laptopWe access photos, videos, emails, music, bank accounts and more. All of these are our ‘digital assets’ and many of these assets will have financial or sentimental value to you and members of your family.

Both our physical and digital assets need to be managed and looked after. As we get older we may lose mental capacity and others will have to help us to manage our affairs. All our assets and affairs need to be in order if we are to provide an organised estate and ‘peace of mind’ for our family when we die.

Why are digital assets important to me?

At Hodge Jones & Allen we advise our clients on the management of their digital assets because of their:

  • Financial Value – you may have PayPal accounts, virtual bank accounts, online businesses, on-line gaming accounts
  • Sentimental Value – personal assets include photographs stored in a cloud server or in a social networking account.

If you die and you have not put in place arrangements for the control, or access of these personal and often treasured memories, there could be significant emotional impact or strain on family and friends.

Planning your digital legacy

  • Step 1 – Make an inventory of your digital assets and where to find them. This list can be provided to a guardian, attorney or executor.
  • Step 2 – Appoint a representative who you can trust should you lose mental capacity or die.
  • Step 3 – Inform your representative of your wishes.
  • Step 4 – Make sure they know how to access your accounts and have all necessary log-in details and passwords.

Our senior solicitors Nicola Waldman and Ian Lane would be happy to discuss with you the management of your digital assets and the preparation of your Will.