What happens to our digital assets when you die?

Our lives are increasingly lived online, but what happens to our digital assets when we die?

Digital assets can include online banking and investment accounts, cryptocurrency, social media accounts, digital photographs, emails, websites, domain names, loyalty points and subscriptions. Some may have significant financial or sentimental value, yet they can be difficult for loved ones to access after death.

Unlike physical property, digital assets are often governed by the terms and conditions of the particular platform or service provider. A password may also not provide a legal right to access an account. This can create practical and legal difficulties for executors trying to identify, secure and deal with a deceased person’s digital assets.

Planning ahead can make a difference

When preparing or reviewing your Will, it is worth considering your digital assets and how you would like them to be dealt with. You may wish to:

• keep a secure record of important digital accounts and assets;
• identify cryptocurrency and other digital investments;
• consider who should have access to important digital information;
• provide appropriate directions to your executor; and
• review your arrangements regularly as your digital assets change.

It is generally not advisable to include passwords or other security credentials directly in your Will, as a Will may become a public document after death. Instead, consider using a secure password manager or separate confidential record, with your executor given appropriate instructions about how to access it.

Your digital footprint can be just as important as your physical assets. Taking a few simple steps now can help ensure that your digital assets are not lost and that your wishes can be carried out.

If you have not reviewed your Will for some time, this is a good opportunity to consider whether your digital assets and online accounts have been properly addressed. Our team can assist with reviewing your estate planning arrangements.

If you have any questions about creating or updating your Will, or if you would like to consult with a Wills & Estates Accredited Specialist, please email us.

Learn more about your estate planning and start your Will online here using our estate planning assistant.