In today’s digital age, your estate plan should go beyond homes, cars, and bank accounts. From cryptocurrency to cloud photo albums, digital assets are now a significant part of our lives — yet they are often overlooked in estate planning.
What Are Digital Assets?
Digital assets are any items of value that exist in electronic form. These may include:
- Cryptocurrency and digital wallets
- Online bank or investment accounts
- Domain names and websites
- Cloud storage (e.g. Google Drive, Dropbox)
- Social media accounts and email
- Digital photo and video libraries
Even seemingly trivial accounts may hold sentimental or financial value. But unlike physical property, digital assets are often protected by passwords, encryption, multi-factor authentication, and strict privacy laws — all of which can make them inaccessible without proper planning.
What Happens If You Don’t Include Them in Your Plan?
When digital assets are left out of an estate plan, executors and family members may face serious challenges. Common issues include:
- Assets being lost forever due to forgotten logins
- Delays in administering the estate
- Legal hurdles caused by platform terms of service or privacy rules
- Family disputes or emotional distress when meaningful items (like photos or messages) can’t be recovered
How to Plan for Digital Assets
The good news is, with a few proactive steps, you can ensure your digital legacy is protected:
- Make a list of your digital assets, including login details where appropriate.
- Store the information securely, such as with your Will or using a password manager that your executor can access.
- Keep the list up to date, especially when accounts are added or passwords change.
- Consider privacy laws and platform terms — some services won’t allow access, even with a Will. In these cases, legal advice may be required.
- Clearly outline your wishes in your Will, including how you want your digital assets to be handled, and who should manage them.
Why It Matters
Digital assets are no longer a niche consideration. They are part of your personal, financial, and emotional legacy. Without clear instructions, these assets risk being lost — but with the right planning, they can be preserved and passed on.
Need Help?
Every situation is different, and privacy laws and digital platform rules can be complex. Our Wills & Estates team can help you incorporate digital assets into your estate plan and ensure your wishes are carried out.
Call us on (03) 9311 8911 if you have questions or would like to review your estate plan.
This article is intended as general information only. Please seek specific legal advice tailored to your situation.
