Nearly two thirds (60%) of Brits with important financial information online haven’t told their next of kin about these accounts, according to new research from Lloyds Bank.
Meanwhile, the bank found that nearly nine in 10 (89%) people have haven’t considered what will happen to their social media page on Facebook in the event of their death.
Lloyds believes this has created a nation at risk of being unprepared, with more than three-quarters (78%) of today’s under 45s and nearly nine in 10 (89%) under 35s without a will.
Robin Bulloch, managing director of Lloyds Bank, adds: “We all embrace technological advancement but this does mean that people need to make sure that they’re taking as much care of their online finances now we operate in a more paperless society.
“It’s not easy for anyone to think about a time when they won’t be around, and often even tougher to talk about it. But our research shows that those who are left to organise the financial affairs of a loved one once they’ve passed away could be facing a challenging task. Either wills are not set out, accounts are not easily located or children are without legally binding guardianship. During what’s already a difficult time, this can add further pressure and upset.”
From banking and social networking to storing pictures and listening to music to loyalty card points, Moneywise investigated what happens to your digital assets when you die last year.
We would encourage you to put together a roadmap for what you want to happen with your digital assets on death, and to leave it with your will. Also, ensure you update it with any changes when they occur. However, don’t write down passwords as this is a security risk.
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