In a survey by Rackspace of 2,000 adults, almost a third of people have assets online they will include in their will and 11% have already done so. 1 in 4 people already have more than £200 of digital assets protected by passwords. A quarter said they had “special photos” stored online, one in 10 had treasured videos and the same number kept sentimental emails from loved ones. So our digital treasures are growing rapidly and so is our digital iheritance. So should I update my will?
In a recent Daily Telegraph interview with Oliver Thomas Director of BUPA’s UK care homes, he highlighted the importance of ensuring that people have a Lasting Power of Attorney in place. This is to ensure that your finances and general welfare will be handled by someone you can trust, should a time come when you are unable to make such decisions yourself. He noted that these arrangements are vital to avoid distress and complications for family members in the event of dementia or other conditions that prevent someone dealing with their money.
Mr Thomas explained that illness “can creep up very suddenly”, potentially leading to distress for relatives if plans are not in place. He told the newspaper that conditions such as dementia can leave people unable to make simple financial decisions, sign cheques or remember PIN numbers.
By making a valid Will you may be certain that your Estate will pass on to certain chosen beneficiaries. However, A recent case will cause concern to anyone who has a specific wish that their estate should not pass to certain people. This case involved a woman who left an estate of £486,000 to a variety of animal charities.