Most of us now live part of our lives online. From social media accounts and email to online banking, music libraries and even cryptocurrency, our digital assets are becoming just as important as the money in our wallets or the deeds to our homes. But what happens to these assets when you die?
It is a question that many people have not considered, yet it is becoming increasingly important in modern estate planning.
What counts as a digital asset?
A digital asset can be anything that exists online and has either financial or sentimental value. Common examples include:
- Social media accounts such as Facebook, Instagram and LinkedIn
- Email accounts and cloud storage
- Cryptocurrency such as Bitcoin and Ethereum
- Online banking and investment platforms
- Digital media libraries like music, films or e-books
- Loyalty points or online shopping accounts
Some of these have clear financial worth, while others hold personal value to families, containing memories, photographs or correspondence.
The challenges of digital inheritance
Unlike a house or savings account, digital assets are often controlled by terms and conditions set by the provider. For example, some platforms will close an account when notified of a death, while others allow memorialisation or transfer. Cryptocurrency presents even bigger challenges because access depends on private keys and passwords. Without these, funds may be lost forever.
Why you should plan ahead
Including digital assets in your Will and leaving clear instructions can make a huge difference. By doing so you can:
- Ensure your family has access to important information and memories
- Avoid assets being locked away or lost
- Reduce stress for loved ones trying to navigate unfamiliar platforms
- Provide clarity about what should be closed, deleted or passed on
It is also important to keep a secure record of usernames, passwords and recovery details, stored in a way that trusted people can access when the time comes.
How SLS Wills and More can help
At SLS Wills and More we recognise that modern life is not just about bricks, mortar and bank accounts. Your online presence and digital wealth matter too. We can help you make sure your digital assets are considered in your estate planning, so nothing is forgotten or lost.
Protecting your legacy now means thinking about both the physical and the digital.
👉 Speak to Sara today for advice on including digital assets in your Will.
