Unveiling the Value: The Significance of

 Digital Asset Searches in the Modern Era

Digital technology has impacted virtually every aspect of everyday life. Dealing with digital assets after death is becoming increasingly difficult with the rise of digital media, online storage of content, and online services. A death can cause major issues for family members and personal representatives with regards to digital assets, from email to digital currency and photos to social media profiles.

Is it really true that digital assets are assets that can be stored digitally?

The term asset refers to what an individual owns. Digital assets are often not actually owned by individuals. A social media profile, an online bank account, a Paypal account, a Spotify account, and a LinkedIn profile are among the types of online accounts covered under this term. YouTube videos, Flickr photos, or any other number of cloud-based accounts may be used. It is common for people to sign up to the terms and conditions of a service provider by simply using the service.

In general, digital assets can be divided into a material portion that has monetary value and can be left in a will, as well as a sentimental portion that needs special attention to ensure they are preserved. Both categories should consider what may happen to those who have digital assets after their death, regardless of how much they have.

If the service is terminated on death, the stored content will not be accessible. In the event that these digital assets are not preserved for later use, the service provider's terms and conditions determine what happens to them. However, there are steps that can be taken to preserve these assets from being lost forever.

Assets digitally connected to finance

In addition to real assets like bank accounts, some are accessed digitally like those in an online escrow account, such as PayPal. For a full appraisal of the estate, executors must be aware of such accounts and how to access them.

The estate administrator will need access to any digital wallets held by a person who holds investments in digital cryptocurrency such as Bitcoin. In addition to securing these investments, executors have a responsibility to secure those who will be left to the beneficiaries or who will form part of the estate. Regularly updating lists of accounts and access information is crucial. The service is often offered by solicitors in the context of estate planning.

Media outlets such as social media

Rather than belonging to a person, these accounts are hosted by a provider. A few social media platforms, such as Facebook and Instagram, allow you to memorialize an account after a person passes away, which leaves the account open for others to see and comment on after their death. It is also possible to download and store Facebook content offline. Upon death, Twitter will close a user's account, but can archive public tweets.

Email

Inactive email accounts are handled differently by different email providers. Individuals often have separate personal and business email accounts, which also have to be taken into account.

Media in digital format

It is not uncommon for people to store huge amounts of personal information, such as photos, songs, and videos, on the internet. Unlike paper photographs, these are not tangible assets, which requires preservation measures. It is possible, for example, to store them separately on a hard drive.

Digital asset planning before death

It is prudent to ensure that relevant access details are properly stored and accessible, as well as to include provisions in a Will for what happens to digital assets after death. The Digital Legacy Toolkits provided by companies such as Social Embers can simplify this task for those responsible for probate. It can be disconcerting for loved ones to discover that their favorite photos or online posts no longer exist after a death, and it can be especially difficult for those coping with the emotional impact of the loss. Therefore, making arrangements for what happens to digital assets after death is a vital part of planning. We tend to fail to consider what happens to our digital assets after we die despite its increasing impact in all aspects of our lives.

How to access digital assets

After death, accessing digital assets can be a difficult task due to the complexity of identifying and identifying online accounts. There will be a need to provide usernames and passwords even for cloud-based accounts, where an absence of login information for a local device like a laptop or phone won't be a problem.

A proactive approach would be to keep an updated list of online accounts and login details. In addition, Executors and Solicitors should be aware of where to find the information so it can be kept safe and secure.

For further details about our Digital Asset Search Solutions, feel free to get in touch with Harrisons Asset Search Solutions at 01923 943 499 or via email at info@harrisons-assets.co.uk. We are here to assist you with comprehensive information and tailored solutions to meet your specific needs.