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Digital Assets and Probate: A Practitioner's Guide



  


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Digital Assets and Probate: A Practitioner's Guide


ISBN13: 9780854902958
To be Published: December 2022
Publisher: Wildy, Simmonds and Hill Publishing
Country of Publication: UK
Format: Paperback
Price: £49.00



Digital Assets and Probate: A Practitioner’s Guide is an ideal companion for the busy probate practitioner who needs a better understanding of digital assets when advising clients, drafting wills, or administering estates. Written in an accessible style, it is a useful reference for both new and experienced probate practitioners, dealing with issues such as:
- What is a digital asset?
- Who deals with digital assets in probate situations?
- How does inheritance tax apply to digital assets?
- What happens if you ignore the digital aspects of a client’s estate?
- What steps should be taken to secure digital assets post-death?
- What should clients be asked about their digital assets and behaviours, and what should not be asked?
The author looks at a range of subjects in the context of probate, from social media and the taxation of crypto-currencies to digital executorship and securing digital devices. The mitigation of risks to solicitors and legal representatives is also considered.
This book also provides the practitioner with draft clauses, precedents and a sample digital assets questionnaire for clients. It contains a useful glossary of relevant terms which are commonly encountered in practice.

Subjects:
Wills and Probate, Wildy, Simmonds and Hill
Contents:
PART 1- GLOSSARY

PART 2 -GENERAL CONSIDERATIONS

1. DEFINING DIGITAL ASSETS
1.1 What are digital assets (financial and non-financial)?
1.2 What are quasi-digital assets?
1.3 Digital pathways – defining the lines
1.4 Summary – digital assets and quasi-digital assets
1.5 Commonly held digital assets
1.6 Commonly held quasi-digital assets

PART 3 - PRE-DEATH ISSUES

2. CONSIDERATIONS WHEN ADVISING THE TESTATOR
2.1 Memorandum of wishes, also known as a letter of wishes
2.2 Amazon – considerations to be made by account holders in advance
2.3 Google
2.4 Creating a letter of wishes with digital assets, particularly social media, in mind
2.5 Advising the client in relation to social media
2.6 What are the social media options?
2.7 Pre-death considerations for crypto-currencies

3. A CLIENT QUESTIONNAIRE – WHAT ONE MIGHT LOOK LIKE AND HOW TO USE IT
3.1 The introduction
3.2 How to format the client questionnaire
3.3 Which categories to include in the client questionnaire?
3.4 Documents (such as PowerPoint presentations, Word and PDF documents, and spreadsheets)

4. DRAFTING MATTERS AND SAMPLE WILL CLAUSES
4.1 Draft clauses for last will and testament
4.2 Appointing a digital executor or digital manager
4.3 Instructions from beyond the grave
4.4 Draft clauses to dispose of digital rights and
interests
4.5 Powers of attorney
4.6 Memorandum of wishes, also known as a letter
of wishes
4.7 Letter of wishes and social media

5. STRATEGIES FOR DIGITAL MATTERS ON DEATH – CONSIDERING RISKS AND MITIGATION
5.1 The inactive approach to digital assets (aka doing nothing)
5.2 The active approach to digital assets (aka doing something)
5.3 Personal representatives’ and/or executors’ and trustees’ role

6. ADVISING THE PERSONAL REPRESENTATIVES AND/OR EXECUTORS AND/OR BENEFICIARIES
6.1 Distribution matters – non-financial issues
6.2 The role of the digital executor or digital manager
6.3 Is a digital manager necessary?
6.4 Secure, capture, electronically scrub and cleanse devices and hard drives
6.5 Rights associated with files such as digital photographs and personal videos
6.6 What to do with files such as digital photographs and personal videos
6.7 Digital documents – What are they and what to do with them?
6.8 Digital legal documents
6.9 Dealing with blogs
6.10 Distribution matters – financial issues
6.11 Online bank accounts, etc
6.12 National Savings and Investments Accounts (Premium Bonds, etc)
6.13 Gambling and Lottery accounts
6.14 Online gaming accounts
6.15 Online trading, buying or selling accounts

7. SECURING THE PHYSICAL ASPECTS OF THE DIGITAL ESTATE
7.1 Securing hardware and devices
7.2 Information capture, cleansing and storage

PART 4 -POST-DEATH ISSUES

8. DEALING WITH FINANCIAL QUASI-DIGITAL ASSETS POST-DEATH
8.1 Dealing with online bank and financial institution accounts
8.2 Strategies for tracing online financial assets
8.3 Looking for the digital footprint behaviour pattern
8.4 Security concerns and how to handle them

9. AN INTRODUCTION TO CRYPTO-CURRENCIES
9.1 What is crypto-currency?
9.2 What is crypto-currency used for?
9.3 How is crypto-currency stored?
9.4 How does crypto-currency work?
9.5 Crypto-currency – altcoins and stable coins
9.6 Facebook and crypto-currency

10. DEALING WITH SOCIAL MEDIA
10.1 Why is it important to understand the options and act accordingly?
10.2 Deleting social media accounts
10.3 Maintaining or retaining the deceased data in social media accounts
10.4 Instagram
10.5 Pinterest
10.6 Facebook (including Facebook Messenger)
10.7 LinkedIn
10.8 Snapchat
10.9 WhatsApp
10.10 Twitter
10.11 Dating websites

11. MITIGATING THE RISKS TO THE SOLICITOR AND/OR LEGAL REPRESENTATIVES

12. THE PROFESSIONAL EXECUTOR AND LEGAL REPRESENTATIVE AND VALUING THE DIGITAL ESTATE
12.1 Account balances
12.2 Vintage devices
12.3 Hardware devices
12.4 Valuing crypto-currencies and non-fungible tokens
12.5 How to account for digital assets when completing ;form IHT400

13. CRYPTO-CURRENCIES – TAXING MATTERS
13.1 Value Added Tax
13.2 Income tax
13.3 Capital gains tax
13.4 Inheritance tax
13.5 Valuing crypto-currencies for tax purposes
13.6 Pooling and the importance of fungibility

Appendices
A1 Useful Draft Clauses when Dealing with or Appointing a Digital Executor or Digital Administrator
A2 An Example of a Client Questionnaire
A3 An Example of a Letter of Wishes