Tax Tip:  Estate Planning

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:

  1. Make a list of digital assets and passwords;
  2. Draft instructions for the Executor to set out wishes;
  3. Consider naming a digital Executor to deal solely with these assets; and
  4. 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.