Most people understand the importance of making a will, but far fewer think about their online life. Photos, social media, cryptocurrency and cloud storage are all part of everyday living.
Digital assets include anything stored online that holds financial or personal value. This could be email accounts, online banking, cryptocurrency, social media profiles or cloud storage.
Executors often struggle to access digital accounts because companies restrict access under privacy rules. Without preparation, assets or personal data can remain locked or lost.
Under Scots law digital assets are part of the moveable estate. They can therefore be inherited like money or investments.
The main challenge is not ownership but access. Executors may legally inherit an account but still need login credentials to use it.
Start by listing all important digital accounts and assets. Do not include passwords in the will itself, as it becomes public during probate.
Instead store login details securely and provide instructions separately.
Crypto requires private keys or recovery phrases. Without these, the funds are effectively lost forever.
Your digital life changes quickly. New platforms and accounts appear regularly, so review your digital asset list periodically.
Digital assets are an increasingly important part of modern estates. Planning ahead ensures valuable information, memories and assets are not lost.