Including digital assets in your estate plan

Hey there, time traveller!
This article was published 14/12/2024 (314 days ago), so information in it may no longer be current.

What do you want to happen to your Gmail or Apple account when you die? You aren’t alone if that question hasn’t crossed your mind.

Traditional estate planning focuses on tangible assets: money, investments, real estate and even your collection of vintage salt and pepper shakers. As life shifts online, the number and value of digital assets you collect grows, but incorporating them into an estate plan isn’t straightforward.

Start by identifying your digital assets. They can have value for a few reasons. Some have sentimental value, like digital photos that get backed up to the cloud; some have financial value, like cryptocurrency wallets. Email addresses don’t necessarily fall into either of these categories, but they still might have value to somebody after you’re gone.

As with financial assets, take stock. Think about everything you do online, then make a list. Start with email addresses. Passing access to email accounts in your will might also give the recipient access to photo and document storage that comes along with most email accounts.

Maybe that’s what you want, but maybe not. As you make the list, think about what you want to happen to your email accounts and login information when you’re gone.

Next, list your social media accounts. These could have sentimental value to your heirs. Plus, if you use social media to stay connected with friends, you might want to ask your executor to post a final note to your account as a digital obituary. If you are a content creator, your social media accounts might have financial value that could be allocated in your will.

Access to online subscriptions (such as media and streaming services), online billing accounts (utilities, internet, etc.) and apps can all be valuable to give your executor so they can cancel services.

Nearer the financial end of the spectrum, list the bank accounts, investment accounts and cryptocurrency wallets you can access online. These are important, but keep in mind financial institutions do not permit anyone other than you to access your online accounts.

Finally, list your devices. Your smartphone, tablet and computer might contain valuable information. They may also be necessary to give access to other accounts via multi-factor authentication.

Now, it’s time to decide ‘what you want.’

You can see the scope of your online presence. You’ve probably already started to think about what you want to happen with your digital assets. That’s good.

Some decisions might be easy, like who should inherit your iCloud photo library. Others might take a bit of thought, like whether you want your death to be posted to your social media or if you want to give anyone access to your email account.

Some decisions are more about helping your executor or family deal with your death. Cancelling subscriptions can stem the flow of money from your bank account. Properly handing off or closing social media accounts can prevent them from being taken over improperly after you pass.

These are all important decisions — and now is the time to think them through.

After taking stock, you’re probably starting to see the value of your digital assets. After deciding what you want to happen, you’re probably starting to see that unravelling your digital life might be a bit trickier than it seemed off the top.

Next time, we’ll look at what to do to make sure your plan for your digital assets is executed seamlessly.

Dollars and Sense is meant as an introduction to this topic and should not in any way be construed as a replacement for personalized professional advice. Please consult legal, tax, insurance and investment experts for advice on your unique situation.

David Christianson, BA, CFP, R.F.P., TEP, CIM and Andrew Froese, CFA, B. Comm (Hons) are wealth advisers and portfolio managers with Christianson Wealth Advisors at National Bank Financial Wealth Management