Managing Digital Assets has become a necessity in today’s world. With the boom in social media websites and digitization of once-physical-data, most of our online accounts and information are now readily available in digital form.
Either for sentimental or monetary reasons, we take precautions to protect these digital assets and accounts. But what happens to these Digital Assets after we die?
Not many think of including invaluable Digital Assets in their Will or Estate Plans. Did you know that 96.9% of people in the United Kingdom have not made any plans for their digital assets after their death!
It is not easy to add your Digital Assets in your Estate Planning or Will without knowing the legalities and company policies behind it. Many social media and other online accounts have introduced features to transfer, close or memorialize your accounts via a legacy contact (whom you will appoint before your death.)
So, what’s the law for planning your digital estate in the UK?
There is limited clarity about the ownership status of a user’s online account content; who is the rightful owner? The user or the service provider? Not to forget, policies of service providers vary as per the country legislation.
Therefore, the Digital Estate Planning laws in the UK are largely ambiguous. We have a long way to go before any comprehensive laws are built for Digital Legacy Planning in the country.
Worry not. There is something you could do about this.
Despite the country’s laws, you can protect and plan for your data through online digital asset management tools like CLOCR by creating a digital will.
Many online service providers make Legacy Policies available on their platforms. So, even if you do not have a legal way to pass on your digital assets today, you can still decide what should happen to them if you were to pass on. For instance: