When people think about making a Will, they often focus on their home, savings, possessions, and the people they want to provide for. What is often overlooked is the growing part of our lives that exists online.
From photographs stored in the cloud and social media accounts to online banking, cryptocurrency, investment platforms, and digital businesses, many of us now have assets that can’t be found in a filing cabinet or desk drawer. In some cases, these digital assets can hold significant financial value. In others, they contain memories and personal information that families may wish to preserve.
Without clear instructions, loved ones can be left struggling to access accounts, locate important information, or understand what should happen to digital assets after death. In some situations, valuable assets can even be lost permanently. As our lives become increasingly digital, it’s important that estate planning evolves too.
What Are Digital Assets?
Digital assets are anything of value that exists online or is stored electronically. While some have financial value, others hold personal memories, important information, or form part of a business.
These assets can include online bank accounts, cryptocurrency holdings, digital wallets, investment platforms, and payment services. They can also include personal accounts such as email addresses, social media profiles, cloud storage, photographs, videos, and digital subscriptions. For some people, digital assets may extend to websites, domain names, blogs, online businesses, digital artwork, or content created through platforms such as YouTube, Etsy or TikTok.
Why Digital Assets Matter in Estate Planning
Without clear instructions, digital assets can quickly become difficult for loved ones to access and manage. Family members may not know what accounts exist, where important information is stored, or how to access online investments and cryptocurrency holdings. In some cases, valuable assets can be lost altogether if login details or recovery information cannot be found.
Digital assets aren’t always about money. They can include family photographs stored in the cloud, important emails, personal documents, or social media accounts that hold years of memories. Taking the time to consider these assets as part of your estate planning can help reduce stress, avoid confusion, and make things easier for the people you leave behind.
Protecting Your Digital Assets
While every situation is different, there are a few simple steps that can help protect your digital estate:
Keep a Secure Record
Maintain an up-to-date record of your important digital accounts, including online banking, investments, cryptocurrency holdings, social media accounts, and cloud storage. Passwords should be stored securely and separately from your Will.
Include Clear Instructions
Consider what you would like to happen to your digital assets and include appropriate instructions within your estate planning. This can help your executors understand your wishes and manage accounts appropriately.
Review Regularly
Technology changes quickly, and so do our online lives. Regularly review your digital assets to ensure your records remain accurate and reflect any new accounts, investments, or online services you use.
Create a Complete Digital Inventory
List all your digital accounts and assets, such as:
- Cryptocurrency holdings
- Exchange platforms
- Email accounts
- Social media
- Investment apps
- Cloud storage
- Digital subscriptions
Do not include passwords in the will itself. Instead, keep them in a secure place, such as a password manager or a sealed document, and reference their location.
Planning for the Future, Both Online and Offline
The way we live has changed dramatically over the last decade, and estate planning should reflect that. Whether it’s cryptocurrency, online investments, family photographs, or a business that operates entirely online, digital assets are now part of many people’s estates.
At Lyons Bowe, we help clients take a practical approach to planning for the future, ensuring that both physical and digital assets are considered as part of a well-prepared Will and estate plan. By thinking ahead today, you can help make things simpler for the people who matter most tomorrow.
