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A survey commissioned by the Law Society has found that 93% of people who have made a Will have not included any digital assets in it whilst only 25% of respondents knew what happened to their digital assets after they die and only 7% saying they fully understood what happens to such assets after their death.
Whilst it is commonplace for Wills to refer to assets such as personal chattels, jewellery, cars and homes, it is rare for Wills to include reference to the distribution of digital assets. Such assets have become an important part of modern life over the past 20 years and therefore it is becoming increasingly important to include such provisions covering the distribution of digital assets.
It may be that photos stored on social media accounts or emails saved onto personal email accounts may carry as much importance to some family members as hard copy photo albums and hand written letters from loved ones. Indeed writing a digital will and keeping a clear record of online passwords can ensure that your executors and beneficiaries are able to access and distribute all your intangible assets without being placed under additional stresses which come as a result of the probate application process undertaken during a time of grief.