When Estate planning, consideration should be given to digital assets held by an individual. Digital assets can span a wide range including social network accounts, websites, photos and videos, email accounts, online documents (ex. used in banking or investments), and online businesses.
When planning, consider the following four steps:
- Make a list of digital assets and passwords;
- Draft instructions for the Executor to set out wishes;
- Consider naming a digital Executor to deal solely with these assets; and
- Store the information securely.
To date, technology is outpacing the law in this area and specialized legal advice may be required.
Action Item: Include a summary of, and directions with regards to online accounts and assets in your Will, or an attached note, as applicable.