Only 12 per cent of UK adults have included at least one digital asset as part of their will.
Research by Canada Life revealed while 95 per cent of people have digital assets, there is little awareness or consideration of what should happen to them after death.
It found 92 per cent of those ages 55 and over have a smartphone, laptop or tablet but only 7 per cent have included this in their will.
In addition, only 9 per cent of people include their social media account or profile in their will despite 69 per cent of UK adults having one.
Some 37 per cent have not considered their digital assets when drafting their will with 29 per cent not believing their digital assets are valuable enough.
Others do not worry about what happens to their digital assets (21 per cent) and have left it to someone else to take care of (4 per cent) or have left instructions/passwords (19 per cent).
According to the research, young adults aged 18-34 are more likely to include their eBooks and photos/videos stored on an electronic device in their will (33 per cent).
Stacey Love, technical manager of tax, trusts and estate planning at Canada Life, said: “On the surface, it may seem as though digital assets do not have ‘value’, and as such may not need to be included in a will.
"It’s important to remember though that data is the new currency, and some assets such as digital photos will be priceless to family members.”
Love highlighted that this month was free wills months with many organisations offering a writing service for free.
Elsewhere, research from Canada Life last year (October 2023) found more than half of UK adults still do not have a will.
The top reason people for not making a will was the belief they did not have enough wealth or assets.
The research also found 22 per cent believed they had plenty of time to make a will and 16 per cent were not sure what to do with their assets.
A lack of understanding of the process of making a will was the reason for 14 per cent of those asked, while15 per cent believed their loved ones would automatically inherit.
alina.khan@ft.com
