A recent survey carried out by the Law Society confirmed that a staggering 93% of those who have made a will had not included any digital assets in their will*.
What are digital assets
Digital assets are important and can include everything from your free email and social media accounts through to your cherished family photos and important online bank accounts.
Despite the huge impact that technology has had on our lives in the recent years, few people understand what happens to their digital assets upon their death or why it is important to include them in their will.
I already have a will do I need to make it digital.
Omitting digital assets from a will can leave family members unable to access online accounts or photos. Closure of the deceased’s social media accounts will also be very difficult.
Furthermore, not having a digital will can seriously complicate obtaining the information for probate purposes thus making the whole process more stressful, longer and ultimately more expensive.
What is a digital Will?
Digital will is a will which deals with both your physical and digital assets. A qualified a solicitor will be able to advise you how to best include both types of assets in your will and draft a legally binding document.
MLS’ tip to keep your digital Will up to date:
Keeping a clear record of online passwords ensures that your estate is inherited exactly as you wish, and your loved ones are not faced with any additional stresses during probate.
Does your Will reflect your lifestyle?
Here at My Local Solicitor, we are proud to be ahead of the curve and writing modern digital wills is what we do best. For more information, email firstname.lastname@example.org
*A Populus survey of more than 1,000 members of the public commissioned by the Law Society asked several questions about whether people had made a will. The survey took place in late June 2020.
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If you’ve experienced a change in personal circumstances, you might decide you need to make alterations to your will.
When this situation arises, it’s essential that you don’t action these changes by simply amending your original will after it has been successfully signed with witnesses. Any noticeable changes to the legal document will be assumed to have been added later than the date of signing and will not be classed as part of the original valid will.
There are only two ways of making changes to a will – you can either add a codicil to your will, or make a new one entirely.
What is a codicil?
A codicil is an addition to a will that makes one or several alterations to the document while leaving the remainder intact. This may be useful under many different circumstances, from changing a guardian or executor listed, adding beneficiaries or increasing the amount you bequeath to someone.
Codicils must always be signed by the person making the will and witnessed accordingly, although witnesses can be different to those used for the original document.
You can update your will with as many codicils as you require, but they are best employed for simple and straightforward changes.
Drawing up a new will
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We are now members of Solicitors for the Elderly. Marta Williamson of My Local Solicitor Ltd. has been awarded the SFE Older Client Care in Practice Award. Well done Marta! SFE is a community of trusted advisers – professionally highly qualified and regulated and who also have additional skills to enable them to work with older and vulnerable clients.