Digital currencies, online banks, digital photo albums and social media accounts are just some of the modern ways for people to connect across the world and store limitless personal data, which was once a tangible asset in physical possession.
It is not unusual for digital assets such as these to be included in one’s estate planning. However, issues can arise later when it comes to executors trying to gain access to these digital assets, which risks breaching online companies security policies.
Further complexities arise as executors are having to negotiate the terms of online companies to gain access to these assets
An example of this is in the past people would be able to leave CDs behind for their loved ones to inherit. However, music purchased on iTunes is not considered to be in your estate as it is licensed music.
Digital assets inheritance is becoming a complex area of inheritance law as often giant tech companies own the contents of the accounts.
If you have any queries regarding the law around inheritance of digital assets, then contact us at Audley Chaucer.
Written by Syeda Anjum
