With more possessing valuable property in a digital format, the Law Society has warned that too much intellectual property (IP) is in danger of being lost when its creators die, so is recommending that people leave a “digital legacy”.
People should leave clear instructions about what should happen to their online accounts, social media and computer games after their death, according to the lawyers’ association.
It says that having a list of all an individual’s online accounts, such as email, banking, investments and social networking sites will make it easier for family members to amalgamate their digital legacy, adhere to the person’s wishes and save time and money.
For example, these days, family photographs are as likely to be held on a person’s Facebook account as in a photograph album, so if the owner dies, they need to leave clear instructions in their will as to what they want to happen to them.
However, the Society also cautions against leaving passwords for such accounts in wills, as they are effectively public documents, so could be found and used for nefarious purposes.
Also, passwords often change frequently for security purposes, so could render the lists in wills useless unless a codicil is drawn up every time a password changes, which could be expensive.
Other valuable digital material could also be lost when someone dies without leaving instructions, such as Bitcoins, which, although prone to wild fluctuations in value, could be worth a significant sum after several years of trading.
Digital gaming characters, such as those belonging to World of Warcraft or RuneScape, can also be valuable, as can monetised YouTube videos or domain names associated with business activities.