Estate planning

An estate plan is a broader plan of action for your assets that may apply during your life as well as after your death.

For many people with relatively straightforward assets and circumstances, a simple will should suffice. However, if you have more complex circumstances such as international assets or business assets, or if you wish to take advice on tax planning or setting up trusts, then an estate plan is recommended.

Our estate and tax planning lawyers have extensive experience of supporting high and ultra-high net worth individuals and families with complex asset structures and international elements.

Estate planning might include:

• The preparation of your will(s) including a review of your Inheritance Tax position, any associated trusts, rights of occupation, and letters of wishes
• Advice on joint property ownership or the right to reside in property
• Inheritance Tax mitigation advice, including allowances and exemptions and, where relevant, lifetime gift planning and the use of trusts or companies for asset protection and tax planning
• Business protection and succession planning, and Inheritance Tax advice on agricultural and business assets
• Advice on death-in-service benefits and life policies
• Advice on potential claims against your estate or your capacity to make a will
• Advice on domicile issues affecting the drafting of your will(s) and general advice on issues relating to foreign property
• Advice on charitable donations
• Advice on creating Lasting Powers of Attorney
• Advice on planning for potential care home fees.

Digital assets

The digital world is becoming increasingly dominant in modern life. It can cause distress as well as financial loss to families and loved ones if digital assets such as photos, music, videos, blogs, art, manuscripts, bank accounts and crypto currencies either cannot be accessed or are lost forever.

What is a digital asset?

Many people store photos, videos, music, e-books, blogs, movies, emails, conversations, social media, games, bank accounts, medical records, cryptocurrencies such as Bitcoin and even maintain their identity online. Collectively these are referred to as ‘digital assets’. These may be of a financial, sentimental, intellectual and social value to you, your family and friends.

Why are digital assets important?

It is important to plan for what happens to your digital assets when you die or if you lose mental capacity as they may have:-

A financial value such as online bank accounts, online gaming accounts, crypto currencies, photograph sharing accounts, popular domain names and websites

A sentimental value to your family and friends such as photos or emails that might be stored on a smart phone, on an online photo sharing website, in cloud storage or on social network account. You wouldn’t want your executors to have to deal with the sentimental assets after your death, but the good news is that you can take steps to deal with many of them during your lifetime

An intellectual value such as domain names, website content, blogs, copyrights and trademarks, art and manuscripts. These are difficult to value. Specialist advice is needed

A social value such as social media and gaming accounts.

How should I organise my digital legacy?

It would be advisable to make an inventory of all digital assets, where to find them with usernames. Make sure these are updated when they change and ensure that this list will pass to your personal representatives or attorney upon your death or incapacity. Take legal advice to ensure that what you decide is effective.  Make sure that you keep this list safe so it can’t be accessed or misused during your lifetime.  We have prepared a digital asset log that you can download and use as a guide to help with this process

Can I leave digital assets in my will?

If your will does not specifically refer to digital assets, they will pass in line with the residue of your estate. “Residue” means everything you own when you die, after any legacies and bequests set out in your will have been made.  That can work where your estate passes to one person (such as a spouse), or where there are financial assets (such as a Bitcoin account) which can be encashed to split between your beneficiaries.  It doesn’t work so well looking at personal things such as photos stored online, or your Facebook account.

It is possible to leave gifts of particular digital assets in your will, or of your digital assets as a class of assets.  Your solicitor can discuss the options with you when preparing your will.

In addition, you should be aware that ownership of a device does not necessarily mean ownership of all the rights associated with the information stored on it. For example, a gift of an iPhone with an active iTunes account, does not include the iTunes account. The music on iTunes is only a personal licence to use the music according to Apple’s terms of business. This license is not transferrable and terminates on death.

We have one of the largest and most experienced teams of will, estate and tax planning lawyers in Kent and the South East, which has been trusted by generations of families. We work with you to protect your assets and pass on your wealth to the next generation in the way that best suits your circumstances.

Our estate and tax planning lawyers have extensive experience of supporting high and ultra-high net worth individuals and families with complex asset structures and international elements. We can help you to plan for the future and minimise your tax liabilities, for example through the use of trusts and other appropriate structures.

Working with us, you will benefit from the support and collective experience of the whole firm. We offer a strong network of lawyers to provide a comprehensive service, including probate, trust management, tax compliance, family law, The Court of Protection and buying or selling a home.