In a sign of the times, more Britons are leaving internet passwords within their wills contributing to our nation’s ever-growing £2.3 billion digital inheritance.
A poll of 2,000 adults found 25% had more than £200 worth of films, video and music stored online and nearly a third considered their haul important enough to be left with loved ones should the worst happen.
And while “cloud” services such as Hotmail, Facebook and similar websites continue to grow in popularity, 11% of those surveyed have already put internet passwords in their wills. According to online company Rackspace, 53% of those polled held “treasured possessions” in such services.
Handing over passwords to online services is just one of the many ways wills and probate has evolved in recent years, experts claim.
“With more photos, books, music and so on being stored online and in digital format, the question of what happens to these when people are gone becomes more important every day,” added one leading lawyer.
“People have not yet come to grips with the value of these digital possessions and the risk is that they may be lost if the owner dies, or even that their estate may be liable for ongoing subscriptions to online magazines or newspapers, for instance.
Have you made your will yet? Whether you’re looking to transfer your digital inheritance, or more traditional possessions, contact Jodie Hindle in Ramsdens Private Client team today and she’ll make sure your wishes are catered for. You can contact Jodie on 01484 558 054 or email jodie.hindle@ramsdens.co.uk.
