Estate Planning in the Digital Age: Navigating the Modern Landscape
In the realm of Private Client law, the preparation of Wills, Lasting Powers of Attorney and assisting with the administration of estates has long been a cornerstone of legal practice. It is true to say that some elements of Private Client work have changed little since Victorian times, but one area that is having a great impact is that of the ever-evolving Digital World.
Today, it’s not just about pen and paper; our lives are intricately woven into the fabric of digital devices and online accounts. From smartphones to laptops, from social media platforms to online banking, our digital footprint is vast and varied, encompassing everything from cherished memories to financial assets.
Consider this: if you lost your mental capacity, how will your digital affairs be managed? When making a Lasting Power of Attorney (LPA), should the LPA itself give specific guidance as to how these matters should be dealt with? Does your Attorney possess the requisite digital literacy to navigate your digital affairs on your behalf? If not, should you direct them to a particular person to assist them?
Similarly, in your Will, should you appoint an Executor who is IT savvy? Would you like to give specific directions as to what should happen to your digital assets when you die, from clearing devices to sharing cherished documents and photos with loved ones?
After death, during the estate administration process, additional considerations arise. How will your appointed Executor gain access to your devices and locate essential information? What online assets should be preserved or disposed of?
Many of these concerns can be pre-emptively addressed through updated legal documents – a new Lasting Power of Attorney and a revised Will. Additionally, engaging in candid discussions with your chosen Attorney and/or Executor can provide invaluable clarity and foresight. While caution is paramount in handling passwords and sensitive data, the creation of a Digital Inventory; a comprehensive list of digital assets and devices, can offer practical guidance. For those seeking a template, the Society of Trust and Estate Practitioners offers a valuable resource.
Should you require guidance or assistance in navigating these complexities, our dedicated Private Client team in Norwich and Attleborough stands ready to support you.
To arrange an appointment with a member of our Private Client team, contact us on 01603 666001 or email enquiries@rogers-norton.co.uk
*This article is provided for general information purposes only and does not constitute legal or any other professional advice.