The rise of the digital age has seen most of us maintain some form of an online presence. Yet, in Scotland, many individuals have still to consider the destiny of their digital assets upon their passing. The inclusion of digital assets within your Will and Power of Attorney has become crucial.
Understanding Digital Assets
Digital assets encompass a broad scope of online accounts, files, and other types of digital property. These include social media accounts, email accounts, cloud storage, digital photos, cryptocurrency and digital music, among other things.
Steps to Effectively Manage Digital Assets
To handle your digital assets effectively within your Will and Power of Attorney, here are a few steps to consider:
- Create an Inventory of Digital Assets: Compile a comprehensive list of all your digital assets, including the online accounts and files you own, their login credentials and any related instructions for their handling or distribution. Regularly update this inventory and securely store it in a password-protected document or with a trusted executor or attorney.
- Seek Professional Advice: The process of managing digital assets in your Will and Power of Attorney can be complex. Ensuring your digital assets are properly managed in line with your wishes necessitates legal and professional advice. Regularly review and update these documents, adjusting digital asset provisions as your portfolio evolves over time.
- Appoint a Digital Executor in Your Will: This person will be in charge of managing and distributing your digital assets according to your instructions. They should be technically proficient and trustworthy enough to handle your digital assets efficiently.
- Include Digital Asset Provisions in Your Will: Provide clear instructions on how you wish your digital assets to be managed and distributed.
- Appoint a Digital Attorney in Your Power of Attorney: A standard Power of Attorney might not provide your attorney with sufficient authority to manage your digital assets, including any online accounts and digital files. Thus, it is prudent to appoint a digital attorney who can efficiently handle your digital assets.
Digital assets are as crucial as traditional assets such as bank accounts or houses. Therefore, it is essential to include provisions for these digital assets in your Will and Power of Attorney as part of modern estate planning. By doing so, you ensure the preservation of your digital legacy and make it easier for your family to manage your digital affairs in the event of your incapacity or death.
Should you need to create a Will or update your existing Will, or if you wish to grant a Power of Attorney, please contact Kay Blaikie, Quill Legal, Wills Solicitor. Quill Legal Power of Attorney Solicitors in Edinburgh can assist you in appointing someone you trust to assist you during your lifetime, should you become incapacitated. Reach Kay at email@example.com or call 0131 564 1044.
Principal of the Firm
Get in touch with me when you need reliable legal advice on any aspect of Executries, Wills, Powers of Attorney and Notarial services.
Telephone: 0131 564 1044