Including Digital Assets in your Estate Plan

Start by identifying your digital assets. Digital assets 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, let's start by taking 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, then your social media accounts might have financial value that could be allocated in your will.

Access to online subscriptions (like 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 that you can access online. These are important, but keep in mind that financial institutions do not permit anyone other than you to access your online accounts.

Finally, list your devices. Your smartphone, tablet, or 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. Now 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 passing 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 passing. 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.

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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 both Wealth Advisors and Portfolio Managers with Christianson Wealth Advisors at National Bank Financial Wealth Management.