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Digital Assets and Probate: A Practitioner's Guide

Digital Assets and Probate: A Practitioner's Guide

Author: James Normington
Publisher: Wildy, Simmonds and Hill Publishing
ISBN: 9780854902958
Published In: December 2022
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

HKD 637.00

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'…very much a practical book, guiding the practitioner on what issues to consider and offering pragmatic solutions A valuable addition to any will-writer’s and probate practitioner’s library ...'. From review in Law Society Gazette

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.

PART 1- GLOSSARY

PART 2 -GENERAL CONSIDERATIONS

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

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

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)

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

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

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

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

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

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

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