Estate Planning, Digital Assets and Online Information

No one likes to think about their life coming to an end, but putting your affairs in order and writing a Will to prepare for this event can bring great peace of mind and also make matters much easier for loved ones should the worst happen.

As part of the estate planning process, you need to decide who you want to nominate as executor to your estate. This is the person, or persons, you would like to be responsible for winding up your estate and distributing your assets in accordance with your Will.

The role of executor can be a complex one, but getting your affairs in order and leaving a clear list of all assets and liabilities can make the job much easier, particularly with regards to digital assets and online information.

Traditionally, when paper records existed for all assets it was much easier to establish what an estate consisted of. However, people are increasingly living their lives online and are storing more important information in digital form. For example, many people now manage their bank accounts or investment accounts online, and no longer receive paper copies of statements or other correspondence.

This obviously has benefits for the account holder, in that online information can often be held more securely than paper files, is easy to access and less likely to be misplaced. However, it can make it more difficult for an executor to track down all the assets that should be included in an estate, particularly as many people don’t think to share all this information with their loved ones.

It is obviously in everyone’s best interests for an executor to be able to wind up the estate as quickly and smoothly as possible, and therefore experts recommend that as part of the estate planning process, people prepare a list of all their digital assets/information, together with details of how to access these accounts. This should be kept in a location that is secure but accessible to the executor, for example alongside the Will that has been prepared by your solicitor.

Contact our Wills and Estates Solicitors in Surry Hills, Sydney

Szabo & Associates, Solicitors can offer expert advice on a wide range of legal matters, including contesting, making or updating a Will and preparing a Power of Attorney. Please call George Szabo on (02) 9281-5088 or fill in our online contact form.