It is important when someone dies that the Executor is able to access all information regarding all assets the deceased has. The Executor has to obtain values of all assets as quickly as possible to establish whether there is any inheritance tax to pay and to establish whether details of any gifts of money were made.
If the exact estate is not valued and inheritance tax paid within 6 months of the date of death interest and penalties can accrue.
Lots of people now deal with their accounts online and paperless. There may be an online business which has a value and which can pass under the Will. What about digital assets, will these have to be valued and tax paid ?
It is important for the Executor to be made aware of all these accounts and businesses. What about providing access to passwords to obtain the information from the computer?
Careful Consideration should be made as to the best person/s to be appointed Executor/s whom could access this information.
Digital legacy companies are being set up to store passwords and account details but are they the best organisations to hold such information?
We can advise Executors at all stages of the administration of the deceased’s estate and on the above issues when advising on the making of a Will.
Emma Fuller is head of the private client team at EHL; our solicitors in Loughborough are experts in their fields and dedicated to quality client care. If you would like to find out more about our solicitors in Loughborough please contact us.
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The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.