A generation ago, the assets left behind when someone died were mostly physical: property, cash, jewellery, furniture. Today, a significant portion of what we own — and what we value — exists only online.
Cryptocurrency. Online bank accounts. Share trading platforms. PayPal balances. Subscription services. Email archives. Social media profiles. Photo libraries. Digital businesses. Domain names. NFTs.
Most of these can't be accessed, transferred, or even found without a login. And without planning, they're often lost forever.
Two Categories of Digital Assets
It helps to think about digital assets in two categories:
- Assets with financial value: Cryptocurrency, online investment accounts, PayPal and other payment balances, domain names, digital businesses, monetised YouTube channels, intellectual property stored digitally.
- Assets with personal or sentimental value: Email archives, photo libraries (iCloud, Google Photos), social media accounts, personal blogs, messages and journals, digital music or book libraries.
Both matter — but they require different approaches.
The Legal Problem: Who Owns What You've Bought Online?
Many "purchases" of digital content are actually licences, not ownership. When you buy a movie on iTunes, you're purchasing a licence to watch it — not a transferable asset. Those licences typically cannot be inherited.
This is why your 500 Kindle books, Apple Music library, and Audible collection may simply disappear when you die — there's nothing to pass on.
True digital assets — cryptocurrency, domain names, digital businesses — are different. These are owned, not licensed, and can be transferred. But they require careful planning to ensure they can be accessed and transferred.
Cryptocurrency: The Access Problem
Cryptocurrency is the most significant digital asset challenge in estate planning. Unlike a bank account, there's no central authority to contact if access is lost. If your family doesn't have your private keys or seed phrases, the crypto is gone — permanently.
For cryptocurrency holders, estate planning must include:
- A clear record of what cryptocurrency you hold and on which platforms or wallets
- Secure storage of private keys and seed phrases — accessible to your executor but secure from theft
- Instructions for your executor on how to access and transfer the assets
- An understanding of the tax implications of transferring crypto on death
This information should never be written into your will — wills become public documents after probate. Store it securely in your Custodium Vault with access controlled to your executor.
Social Media Accounts: Memorialisation and Deletion
The major social platforms have their own policies for handling accounts after death:
- Facebook/Instagram: Accounts can be memorialised (turned into a tribute page) or removed. A legacy contact can be appointed in advance to manage memorialisation.
- Google: Allows you to set up an "Inactive Account Manager" to control what happens to your Gmail, Google Photos, and YouTube account.
- Apple: The Digital Legacy feature allows nominated legacy contacts to request access to your iCloud data after death.
- X (Twitter): Family can request account deactivation with proof of death, but there's no formal legacy contact system.
- LinkedIn: Family can request memorialisation or removal.
Setting up these features now, while you're alive, gives your family a clear path — instead of a tangle of support tickets.
What Your Will Should (and Shouldn't) Say
Your will can and should address digital assets at a high level — for example, leaving your digital asset portfolio to your estate, or specifying that your executor has authority to deal with all digital accounts. However:
- Never include passwords or private keys in your will (it becomes public)
- Be general rather than specific, since your digital life will change
- Consider granting your executor express authority to deal with digital assets
The specific access information — passwords, keys, platform details — belongs in a secure, private document accessible to your executor. Your Custodium Vault is designed for exactly this: encrypted, access-controlled, and available when needed.
A Digital Asset Inventory
The most useful thing you can do right now is create an inventory of your digital assets:
- What accounts do you have, and what's in them?
- Which have financial value?
- Which have sentimental value your family would want to preserve?
- What are your wishes for each one after you die?
- Where is the access information stored?
Store this inventory — and keep it updated — in your Custodium Vault. It's one of the most practical things you can do to help your family navigate the digital side of your estate. See our plans here.
The Bottom Line
Digital assets are real assets — and real assets need real planning. Without it, your family faces locked accounts, lost cryptocurrency, and the painful experience of watching years of memories become inaccessible.
If you'd like to discuss how to incorporate your digital assets into a comprehensive estate plan, our estate planning team can help. Request a confidential consultation today.