MEMBER ZONE


HOW MUCH ARE YOUR DIGITAL ASSETS WORTH?


A forward-thinking law firm is urging people to consider the value of their digital assets. EMW says many individuals see digital assets


as the preserve of those who invest in cryptocurrencies, or those businesses who hold information within a digital format. Those assets can have a significant value – the price of bitcoin reached a record high this year and now has more value than both Visa and Mastercard. However, digital assets also include


photographs, videos, online payment accounts and social media accounts. The danger is many people do not recognise the significant financial value of their digital assets and are not accounting for them in their estate planning.


‘IT’S CRUCIAL YOU PROVIDE CLEAR


INSTRUCTIONS TO YOUR


EXECUTORS’ EMW solicitor Oliver Kent (pictured) said: “A


recent Law Society survey showed just 26% of respondents know what happens to their digital assets after they die, with only 7% saying they fully understand. Of those surveyed who have a Will, 93% hadn’t included digital assets in their Will. “These statistics show many individuals


aren’t leaving a plan on how these assets will be accessed or what they want to happen to them on their death or if they lose capacity. “This means estates may struggle to recover


assets with a significant value, including cryptocurrencies, business secrets and software, and personal assets, including photographs, could be lost to families. “It’s crucial you provide clear instructions to


your executors or attorneys about what should happen to these assets to avoid disputes.” When estate planning you should consider


what digital assets you or your business owns, their value and how they are accessed. You should also consider if you had made provision to deal with your digital assets and whether you need to arrange for written requests to be made for the transfer of digital assets.


For further advice contact Oliver or a member of EMW’s Private Client team at privateclient@emwllp.com


28 inbusinessFEBRUARY/MARCH 2021


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