- When drawing up your will you also need to consider your digital assets
- These can include a wide variety of assets including online-only trading, pension and bank accounts, air miles and cryptocurrencies
- You should draw up an inventory of your digital assets with basic details such as names and web addresses for each account, and keep this up to date
Setting out what happens to your money, property and possessions when you die is an important task. But in today’s world, you also need to consider your digital assets when drawing up your will, and these can be wide-ranging. They can include everything from online-only trading, pension and bank accounts, to air miles and cryptocurrencies.
According to Philip Munro, partner in the private client and tax team at law firm Withersworldwide, digital assets consist of anything stored online or that exists electronically and holds value. So your digital footprint could also include intellectual property or computer files, for example, that you store in ‘the cloud’ and form a significant and valuable part of your estate.