Kingsley Bond is not just a typical law firm. Each department is spearheaded by experts who bring forward-thinking precision to their roles.
Ameer Buksh Consultant Solicitor at Kingsley Bond Solicitors explains: “We aim to be ahead of the curve. One area which is evolving rapidly is digital assets, including sentimental assets such as online social media accounts but also financial assets like cryptocurrency. I’ve been a cryptocurrency trader for over a decade and have transitioned this knowledge to the legal world for the benefit of our clients.
“The rise in the importance of digital assets has led to us moving our processes forward to set up a digital vault for clients. This will be a secure service used to identify, categorise and update essential information about a client’s digital assets such as passwords or where digital assets such as off line cryptocurrency accounts – called cold wallets – are kept. In the future, the digital vault will act to safeguard someone’s digital legacy when they pass away and we already have a number of clients interested in using the service.
“At Kingsley Bond we also provide Will writing services, and where appropriate, advise clients to appoint a digital executor who will work alongside their traditional executor to ensure digital assets are correctly identified and distributed according to their wishes. We can support digital executors or act as the digital executor if required.
“We have effectively extended our existing team of digital experts to assist in the management of digital assets within estate administration. Services now include:
1. Transferring Digital Assets: Moving online assets such as websites, blogs, affiliate accounts, and cryptocurrency to the designated beneficiaries.
2. Closing Accounts: Ensuring that social media accounts, subscription services, gambling accounts, and other online accounts are closed or memorialised according to the deceased’s wishes and any assets where the deceased ran an online business with intellectual property or other business assets passing on their death, are appropriately valued and transferred.
3. Managing Personal Files: Archiving or deleting personal files, photographs, videos, and other digital content.
4. Informing Online Communities: Notifying online communities, such as social media groups or forums, of the deceased’s passing.
5. Maintaining Online Services: Managing ongoing online services and subscriptions to prevent unauthorised access or payments.
“For traditional estates we undertake an asset and liability search using legal technology company, Estatesearch. This ensures all traditional financial assets including bank accounts, pensions and share holdings are all identified. Estatesearch has recently introduced a Digital Assets Search which we will also take advantage of in the future.”
Estatesearch’s new Digital Assets Search covers: Cryptocurrency exchanges including Bitcoin, Ethereum, and other leading cryptocurrencies; Email & Social Media accounts; Website Domain Registries; online gambling providers; Money transfer platforms and online marketplaces such as Paypal and Etsy.
“There is an increasing need to consider Digital Assets in estate administration and we welcome the introduction of the Property (Digital Assets Etc.) Bill which was introduced to the House of Lords on 11 September 2024, to ensure more clarity and legal certainty around digital assets in death.
“As a legal team, our role is to make our clients’ job easier. We are sympathetic to their loss and understand that the challenge of dealing with digital assets can feel over-burdensome and we are now fully able to assist in this nascent area. Whether that is through ensuring correct provision is included during the creation of a Will, acting as a digital executor or supporting lay executors identify, manage and distribute digital assets when a loved one passes away.”
Originally published on Today’s Wills and Probate.