Facebook accounts, online photo sharing websites and online gaming accounts are some of the digital assets that form part of our daily lives. On death, what happens to these assets? Facebook accounts remain active and personal representatives face difficulties closing down these online accounts.
Some digital assets are merely licences to use a website’s services i.e. your iTunes account. Licences are specific to the individual so may not be transferable and terminate on death. On the other hand, some digital assets can attract intellectual property rights and may hold monetary value such as domain names and blogs.
Make a list detailing your digital assets, where they can be found and how to access them (within the licence limitations) and store a hard copy with your Will. Ensure that your executors know your wishes which can be done through a memorandum of wishes. If there are intellectual property rights attached to any of your digital assets, you may consider a separate legacy clause to deal with these assets