Equally important is to ensure that all assets, both physical and digital, are included in any Inheritance Tax planning, and as tax and investment professionals, at Scrutton Bland this is certainly something we can assist with. Our tax advisers and investment advisers would be happy to discuss your situation in a no obligation meeting to see how we might be able to assist you. In particular, we can work together, or with your existing professional advisers, such as solicitors, to ensure that your Estate is structured in a tax efficient way, and that your Will accurately reflects your wishes. For more information about how independent financial advice and tax planning could be of benefit to you please contact Faye Howard on faye. howard@scruttonbland.co.uk or 01473 267000
So what’s the best way to manage your digital assets? Firstly it’s wise to let Executors, and maybe also Beneficiaries either know of the assets’ existence, or where to find details of your assets including any online presence after death. As far as online auction, gambling, and maybe even social media accounts are concerned, it would be wise to record these passwords in a secure form, such as on an encrypted memory stick which could be kept in a safe place, details of which are included in your Will or accompanying letter, or it could be left with a lawyer. Digital currency accounts are more of a challenge, because of the lack of third party involvement. Again a lawyer’s involvement may be required to store passwords, but whichever method is used, it’s clearly important that the access remains secure until it is required.
Of course we can’t mention digital assets without mentioning security. We are all told to keep our passwords secure, but this is one of those situations where too much security could be a bad thing. For instance, it is not uncommon for people to keep important documents such as their Will and perhaps also passwords in safety deposit boxes, and on the surface this may seem to make perfect sense. However, in order to access a safety deposit box after someone has died, a grant of probate is needed… And to obtain a grant of probate, the Will is required… But if the Will is in the safety deposit box, you can see there is a problem…
P E R S O N A L F I N A N C E S | S C R U T T O N B L A N D | 3 7
Made with FlippingBook - professional solution for displaying marketing and sales documents online