Andy Hitchon, Head of Estates, LEAP Legal Software
By Andy Hitchon, Head of LEAP Estates at Legal Futures Associate LEAP
Estate planning often focuses on property, savings and possessions. But a growing part of our lives and wealth now exists digitally. From online banking and cryptocurrency to shopping accounts, subscriptions, photographs, documents and social media profiles, digital assets can carry both financial and sentimental value. Without proper planning, families may face unnecessary stress, cost or even permanent loss.
- Keep an up-to-date list of your digital assets
Anyone with a digital footprint should keep a clear record of their digital assets so they can be identified. Online accounts have no physical presence, so a detailed inventory is essential. - Make proper provision for cryptocurrency
There is no set process for crypto, largely because access depends on an online key. If that key is lost or unavailable, the cryptocurrency may become entirely inaccessible. It should be stated in a will that cryptocurrency forms part of the estate. - Act quickly on utility accounts
Utility bills will continue unless they are promptly interrupted by the executor. Providers may require a death certificate and, in some cases, additional documentation before an account can be closed or transferred. - Include shopping and subscription accounts in the plan
Online shopping accounts should also be considered. Many retailers offer bereavement services to close accounts after death. Subscriptions such as Netflix or Spotify can sometimes be cancelled directly if a device is still logged in. Executors should think carefully before closing accounts linked to newspapers, audiobooks or similar services, as this may delete stored content or purchases. - Don’t overlook phones, laptops and other devices
Devices such as mobile phones and laptops often contain valuable documents, photographs and personal files. Mobile phone providers should also be contacted as soon as possible after a death to prevent unnecessary ongoing charges. - Decide what should happen to social media and personal websites
Social media accounts and personal websites are now a significant part of many people’s digital legacy. These platforms often allow accounts to be closed or memorialised after death, helping ensure a person’s online presence is handled in line with their wishes. - Plan for fraud risk and incapacity as well as death
Dormant email or social media accounts can become targets for hacking, phishing or impersonation, exposing family and friends to scams. It is also sensible to have a plan in place in the event of incapacity, such as Lasting Powers of Attorney, so digital assets can be managed if needed.
