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Online Estate Fraud

Posted by: admin    Tags:      Posted date:  November 9, 2011

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A recent survey of 2,000 adults conducted by Goldsmiths University Creative & Social Technology Centre suggested that the UK population owns around £2.3bn of internet-hosted assets. The same survey highlighted the problem of online fraud upon deceased’s estates as it found that approximately 11% of those surveyed have included online passwords in their Wills!

The way we hold our assets has changed dramatically over the last decade. People try to help the executors of their estates by detailing their passwords, pin numbers and other digital access codes in their Wills. After death, when probate is extracted the Will becomes a public document. It is then that fraudsters are able to ascertain the information that enables them to access those Internet-hosted assets, especially bank accounts.

If you, as a client, are adamant you wish to leave this information to your executors we would advise you to do so in a secure way, such as in a sealed envelope, which can be kept with your Will but will not be published with it and thus it will not become public knowledge. However, executors are usually able to deal with such assets without knowing the secret codes/ passwords, and financial institutions usually advise individuals to remember these but avoid writing them down or informing anyone else.

We can assure you that we will be able to guide and advise you regarding any such tricky issues when helping you prepare your will.