Digital assets not planned for on death

17 January 2018

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.

Visit our Work and family section for more information. 


In reply to by anonymous_stub (not verified)

My bro-In-law is a vulnerable adult and survives on benefits. He helped me out with a property investment and he started a cash Isa with his share of the profit. When he realised that my share of the profits had gone into a shares ISA and had made a lot higher return, he asked me to help him do the same, and I manage it for him. It is now getting close to the point where it could affect his benefits (£5k). The main purpose of this "nest egg" will be to cover his funeral costs (est £4K). As we know, with a shares Isa, a portfolio worth £4.7K today, could be worth £3.5k or £5.3K tomorrow. Not only that, but the selling price of shares is always lower than the buying price - so how does the benefits office value a shares ISA as it's value changes day to day. - Can I use an average for the year? -Should I use it's highest value for the year (or lowest)? - Should I use the value of the portfolio on a specific date (e.g. 31st March)?Everywhere I ask, I get told the rules for a cash ISA, but considering that Shares Isa are ever more popular there seems to be no published way of determining its value for benefits claimants - is it because the government wants to discourage benefits claimants from saving at all? - no I don't believe that, but surely there is a method of valuing a shares ISA for benefit claimants.

In reply to by anonymous_stub (not verified)

I was founder and former CEO of Ascot Lloyd and whilst now semi-retired, follow articles like this in the financial press. It is interesting that a lot of your content has been addressed by a web site called and I wondered if you have come across them?

In reply to by anonymous_stub (not verified)

Here is a neat solution, try googling wishLockr, it does exactly all this.

In reply to by Ray Jones (not verified)

Thank you for your question. We have referred it to our panel of experts and will find the answer for you soon. 

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