The Digital Dilemma

Gone are the days of having to print off reams of paper and buy a significant amount of stationery to match in order to obtain and assimilate information. Go paperless they say. With this in mind, it is clear that the digital age is well and truly upon us.

The array of digital gifts on offer this Christmas was nothing short of mesmerising.  From i-Tunes vouchers and Kindle gift cards to digital magazine subscriptions, the choice seemed endless.  However, when it comes to digital assets, what does giving and receiving such gifts actually mean? With online banking, online shares, and photographs on social media being ever more prevalent, the essence of this is whether we actually own these digital assets and whether we can pass them on to our loved ones when we die.

Whereas people carefully consider their physical assets and who they would like to leave them to, many do not consider their digital equivalents and what needs to be done to ensure these often highly-valuable accounts and collections do not die with them.

Many of these assets, such as Kindle e-books, cannot be passed on to your beneficiaries when you die.  You only buy the right to use the files in your lifetime. However, some other accounts, vouchers and loyalty points can be passed on if the right procedures are followed. The problem is that, although providers are getting better at setting policies for what happens on an account holder’s death, there is no standard procedure and no automatic right to pass on a digital asset. It is therefore increasingly important that you read the terms and conditions of your accounts to find out what would happen to the asset and what your executors would need to do to get access to your accounts.

Digital protection

The importance of leaving clear instructions about what should happen to your social media, computer games and other online accounts after your death cannot be underestimated. Without clear guidance, important or sentimental material – such as photographs on social networks – may never be recovered.

You should also consider securely storing a list of your account passwords for your executors to access on your death. This is important not just for accounts with a monetary value, but also to ensure that your social media accounts are dealt with appropriately on your death. For example, if you have a Twitter account, your family may want it deactivated and – if you have left clear instructions – it will be easier for your executors to have it closed. Having a list of all of your online accounts, such as email, banking, investments and social networking sites will make it easier for family members to piece together your digital legacy and adhere to your wishes.

With the advances in technology, the way we store information is changing. Even the simple photo album is now stored online. By making our wishes clear now, it will be easier for loved ones to recover pictures to cherish and will help with the more practical issues such as online bank accounts.

Gilson Gray’s Private Client team are well-equipped to advise you on such matters and would be happy to discuss your requirements

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For More Information Contact:
Laura King
Mobile: 07841 920 095
Direct Dial: 0131 516 5359
Email:lking@gilsongray.co.uk

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For More Information Contact:
Ailidh Ballantyne
Direct Dial: 0141 530 2037
Email:aballantyne@gilsongray.co.uk

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The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray.