Digital Currency & Estate Planning
What You Need to Know

In today’s digital age, digital assets are an increasingly important part of estate planning. Digital assets include online accounts, digital files, cryptocurrencies, and social media profiles. Here’s what you need to know to ensure your digital assets are properly managed and passed on:

Identify Your Digital Assets:

Make a comprehensive list of your digital assets, including:

1. Online Accounts: Email, social media, online banking, shopping accounts, and subscription services.
2. Digital Files: Photos, videos, documents, and other files stored on your computer or in the cloud.
3. Cryptocurrencies: Bitcoin, Ethereum, and other digital currencies.
4. Digital Property: Domain names, websites, and online businesses.

Document Access Information:

Provide detailed information on how to access your digital assets, including usernames, passwords, and security questions. Consider using a password manager to securely store and share this information with your executors or trustees.

Include Digital Assets in Your Will:

Specify in your will how you want your digital assets to be managed and distributed. Appoint a digital executor if necessary, someone who is tech-savvy and capable of handling your digital estate.

Understand Terms of Service Agreements:

Many online services have terms of service agreements that dictate what happens to your account after your death. Review these agreements to understand the options available and include relevant instructions in your estate plan.

Backup Important Data:

Regularly back up important digital files to ensure they are preserved and can be accessed by your beneficiaries. Store backups in multiple locations, such as an external hard drive and a cloud service.

Plan for Cryptocurrencies:

Cryptocurrencies require special consideration due to their secure and often anonymous nature. Ensure your executor has access to your digital wallet and understands how to transfer and manage your cryptocurrencies.

Protect Your Privacy:

Consider the privacy implications of your digital assets. Decide which accounts you want to be closed or memorialised and provide instructions accordingly.

Review and Update Regularly:

Digital assets can change frequently, so it’s essential to regularly review and update your digital estate plan to ensure it reflects your current assets and wishes.

By taking these steps, you can ensure that your digital assets are properly managed and passed on to your beneficiaries, avoiding potential legal and logistical challenges.