Digital Assets and Your Estate: What Happens to Online Accounts

What Are Digital Assets?

Digital assets include everything from your social media accounts (like Facebook, Instagram, Twitter, and LinkedIn) to digital photos and videos stored in the cloud. They also cover cryptocurrency such as Bitcoin and Ethereum, online banking and investment accounts, domain names for personal or business websites, and digital music or book libraries like iTunes and Kindle.

Legal Challenges

Managing digital assets after death isn’t always straightforward. Many online services have terms of service that restrict access once the account holder dies. Privacy and data protection laws can also make it difficult for executors to access your accounts. In many cases, you don’t actually own the digital content—just a licence to use it. Without the right passwords or access details, your executors may find it impossible to manage or close your accounts.

Planning Solutions

To avoid these problems, start by making a full inventory of your digital accounts, including usernames and passwords. Some platforms, like Facebook and Apple, allow you to set up legacy contacts or specify what should happen to your account. It’s wise to include clear instructions for your digital assets in your will, and consider using a password manager that allows for emergency access. If you hold cryptocurrency, make sure your private keys are accessible to someone you trust.

Service-Specific Planning

• Facebook: Choose between memorialising or deleting your account.

• Google: Use the Inactive Account Manager to decide what happens if you’re inactive.

• Apple: Set up a Legacy Contact.

• Microsoft: Use their Next of Kin process.

Practical Steps

• Make a complete list of all your digital accounts.

• Store access information securely.

• Include digital asset instructions in your will.

• Consider appointing a ‘digital executor’ to handle these matters.

• Review and update your plans regularly.

Without proper planning, your digital legacy could be lost or create unnecessary stress for your loved ones. Taking these steps now can help ensure your wishes are respected and your digital assets are managed as you intend.

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Disclaimer: This blog post provides general information for educational purposes only. It is not legal advice. Outcomes can vary based on your personal circumstances.