05/02/2018
Judith Bromley
Research carried out by Lloyds Bank has revealed that almost two thirds of adults in Britain haven’t made their next of kin aware of all their online financial accounts.
The study also found that almost nine in 10 of those surveyed hadn’t thought about what would happen to their social media pages in the event of their death.
With 78% of todays under 45s and 89% of under 35s without a will, this, it believes, has resulted in a nation at risk of being unprepared.
Judith Bromley, head of wills and probate at Russell and Russell, thinks that as a digital society becomes the norm, care should be taken to record what you have or risk your estate being lost in the ether: “More and more of us are embracing technology, so it’s important to think about the how this affects your estate. It’s no longer just a case of leaving the physical documentation behind you, as we move closer to a paperless society people need to ensure they include what digital assets they have when making their wills.”
Judith advises that when you plan your will, in addition to any traditional paper based accounts, you should make sure you leave a note to your executor of where to find details of your online accounts, including Facebook and Twitter etc., and provide instructions about what you want to happen to them. Without guidance, your executor will have an uphill struggle tracing bank accounts, insurance policies, pensions and other financial and personal information.
“This will already be a difficult time for your loved ones, so try to make it as easy as possible for them”, continues Judith. “What you shouldn’t do, however, is document the passwords to your online accounts as this breaches security. Equally, don’t leave a list of accounts within the will itself as these can change and you will be forever paying to amend your will; simply leave a note to your executor of where the information is stored so they can notify those organisations of your passing and make the necessary arrangements to transfer or wind up the accounts.”
A final word of warning: it doesn’t stop there. If you make your will and your circumstances change - you get married, or divorced, for example – it’s vital that you reflect the change in your will by updating it, otherwise your original arrangements remain legally binding.
Please note that this article is meant as general guidance and not intended as legal or professional advice. Updates to the law may have changed since this article was published.