Accessing your memories and assets when you’re no longer able to
When we write a Will, or make a Power of Attorney, we are thinking about protecting family. Or protecting money, maybe protecting property. But have you even thought that you need to protect your digital presence? Your memories – photos, videos etc. Your digital assets – bank accounts, crypto-currency … Or digital accounts such as email, Google, websites, Microsoft?
The need to protect your digital presence is a relatively new concept, but if you don’t have someone to administer them, then they could be lost forever. Most estate planning consultants have had clients who have found it difficult, or impossible, to access their loved ones’ assets.
How it affected me!
When my husband Jim died, I didn’t know his Microsoft account password. We had shared a Microsoft “family” account for years, but it was in his name even though the payment came from my account. And as it automatically renewed, I never needed to access the account. When I wanted to close it down to open a new business account, I couldn’t! And for 3 years Microsoft took money from my bank, my credit card and my PayPal account – because I couldn’t stop it until I had blocked them all!
And when Sky decided to change all the password protocols, I was no longer able to access Jim’s emails. Including important information such as receipts and guarantees from prior purchases. It was all lost!
So, I have firsthand experience of what can go wrong if you haven’t taken action to protect your digital presence. But you can! And we can help!
Update your legacy settings!
Many platforms now allow you to nominate someone to access your account if you can’t. Companies like Google, Facebook, Apple, Instagram and others now provide this option. This article from STEP (The Society of Trust and Estate Practitioners) is really useful! It shows you just how to do it! We often share step-by-step instructions on our social media pages too! So, keep an eye out for those regular posts.
Update your Will!
Most older Wills don’t even mention digital assets. Ours do – every single one of them! We include a specific clause that provides authority for your Executors. That means they have the authority to access your digital devices, assets and accounts. If Jim’s Will had included that clause, I wouldn’t have had the problems I had.
Lots of clients tell us “Oh, I don’t need to protect my digital presence – I don’t have one”. You would be surprised though! Even if you aren’t active on social media, most of us now have a device – phone, tablet etc. Or an email account. Or a bank account, or an online account for your telly licence!
And some of us have much more – the increase in crypto-currency is just one example. Or maybe you are an influencer, or a content creator? And you have lots of photos, advertising agreements or written work. All of that is digital – and needs to be protected.
So, check your Will and see if it includes this “digital assets” clause! Chances are it doesn’t, so ask us about getting a new one in place that includes the right wording needed to protect your digital presence.
Get a Power of Attorney!
But don’t just do it yourself, online! Speak to a professional (like us!) to make sure that the right clauses, permissions and instructions are included. All our Property & Finance LPAs contain these clauses – with very specific wordings. These can be critical if you lose capacity and need someone to access your digital life!
So many of us think that it’s easy to just access a Facebook page, or get into an email, or renew an insurance. But if it is all online and you don’t know the password, you are unable to help. Even if you have the password, you are breaking the law if you haven’t got legal authority.
So, get your Power of Attorney in place – with the right wording needed to protect your digital presence.
Where do I start?
We can make it easy for you. When we see you, we talk about how to protect your digital presence. We find out what you have. Encourage you to update your legacy settings. And put the right wordings into your documents. And we give you somewhere you can store important information for those you’ve trusted to act for you.
Call us to make an appointment to chat this through. Or ask for information on any of our services, using this form, and we will be in touch!