What will happen to your virtual world when you die?
Posted on November 10th 2017
Will your bank accounts, music and photos simply be abandoned?
Many people do not know that you can leave online assets like these to specific people in your Will.
Online assets can be worth thousands of pounds
Have you considered how much of your finances are stored online? For example:
Online banking: As bank accounts move online, there will be no traditional paper trail for your family and friends to look for when you pass away. This means that if you do not document it, much of your money may go unclaimed. Many people now have multiple online bank accounts, so it is important to provide details of all of them.
Paypal: If there is a balance on your PayPal account when you die, you may wish to specify whom this should go to and leave details of how people can access this account.
Online credits: Online currency such as Bitcoin can be a substantial asset – as of writing, one bitcoin is currently worth £5477.20. You definitely would not want this asset to go unnoticed! Other less substantial assets may include credits on online games, such as World of Warcraft. These credits can also be worth hundreds of pounds. You should documents all of these assets in your Will – otherwise you risk them being ignored.
It is not just about the money:
The sentimental value of pictures and posts on social media cannot be overlooked. Without a password, your email and social media accounts may remain locked forever. This could stop your family from retrieving posts of sentimental value or telling people that you have passed away.
We would advise against putting usernames and passwords in your Will, in case it becomes a publicly accessible document. However, you could place this information inside a sealed envelope, which could be referred to in your Will and stored alongside the document.
We can help you to write your Will:
Call and speak to a lawyer on 01244 312306