A lot has changed in the technological world within the last 20 years. Our estates now involve physical assets, countless online accounts, and the digital possessions we accumulate. From social media profiles and cloud storage to digital currencies and online banking, these digital assets play a significant role in how we interact with the world. But many people overlook the importance of planning for the management of these digital assets after their death.
Without proper planning, your loved ones may face significant challenges when trying to access or close your online accounts. In some cases, these accounts could be left unattended, leading to identity theft, unauthorized access, or even permanent loss of valuable digital property! For Canadians, managing digital assets after death is especially critical given the country’s strict privacy laws, which can make it difficult for family members to access these accounts without clear instructions.
You can avoid confusion and ensure your digital assets are handled according to your wishes by incorporating them into your estate planning. Here are five key steps to safeguard your digital assets and be sure they are managed properly after death. You can use this information to protect your online legacy and spare your loved ones from unnecessary stress.
Inventory Your Digital Assets
The first step to managing your digital assets is to create a comprehensive inventory. This includes everything from social media profiles and email accounts to digital wallets, cloud storage, and online banking. Be sure to include any subscription services, e-commerce accounts, or websites you may own. Think of this inventory as a digital will—it gives your executor a roadmap of what needs to be managed after you pass away.
For each asset, include login information, passwords, and any necessary instructions for accessing these accounts. You might want to use a secure password manager to store these details so they remain protected but easily accessible to your executor.
An inventory of your digital assets will save your loved ones the hassle of searching for these accounts when the time comes. This can help ensure your digital assets are managed according to your wishes. Without a detailed inventory, many of these accounts could stay in limbo, inaccessible to your family.
Appoint a Digital Executor
As you appoint an executor for your physical estate, you should consider designating a digital executor. A digital executor is someone you trust to manage your online accounts after your death. This person should be tech-savvy and capable of handling the tasks related to your digital assets, like closing accounts, transferring ownership of digital property, or managing online businesses.
To officially appoint a digital executor, you should include this role in your will. Be specific about their duties and provide them with the necessary information to access your digital assets. Keep in mind that while Canada’s estate laws are evolving, not all platforms and services allow executors to access accounts without prior consent, so clear instructions are important.
Having a digital executor in place ensures that your wishes are followed and that sensitive information is kept secure. This also prevents unwanted surprises, like the unauthorized use of your accounts after your passing.
Understand Privacy Laws
Canada has strict privacy laws that govern how personal information is handled, even after death. Under the Personal Information Protection and Electronic Documents Act (PIPEDA), companies are required to protect the privacy of your personal data. This can also complicate the process of managing digital assets post-mortem, as companies may not easily release account information to family members or executors.
It’s important to understand how these privacy laws impact your digital assets. For example, many companies require specific legal documentation before they will grant access to a deceased person’s account. In some cases, the account might be deleted automatically after a certain period of inactivity. Knowing how different platforms handle user data after death will help you plan accordingly and ensure your digital legacy is managed appropriately.
To navigate these privacy laws, make sure you have clear directives in your will regarding how you want your digital assets handled. Consulting an estate lawyer with experience in Canadian estate law can be particularly helpful in understanding the nuances of these privacy regulations and ensuring that your digital assets are protected and managed according to your wishes.
Obtaining probate can be difficult for an estate with digital assets. You can do an area search like estate lawyer in Vancouver to get assistance with drafting the appropriate legal documents to avoid complications and ensure that your executor has the authority to manage your digital estate.
Plan for Each Social Media Account
Social media platforms like Facebook, Twitter, and Instagram are a big part of many people’s lives. But what happens to these accounts after death? Each platform has different policies. Facebook, for example, allows users to designate a legacy contact who can manage the account after death or request its deletion. Twitter and Instagram have similar processes, but they often require proof of death and legal documentation before granting any access.
In Canada, you should clearly outline your wishes for your social media accounts in your estate plan. Do you want your accounts memorialized, deleted, or managed in a specific way? Providing your digital executor with login details and your wishes for each account will help ensure that these platforms are managed according to your preferences. Without clear instructions, your social media accounts could be left active, leading to confusion or misuse.
Include Digital Assets in Your Will
It’s extremely important to include your digital assets in your will. While wills traditionally focus on physical property and finances, digital assets are just as important today. Incorporating these assets into your will ensures that your executor has the legal authority to manage your online accounts, digital currency, and any intellectual property you may own, like websites or blogs.
When drafting your will, specify how you want each digital asset handled. This could include transferring ownership of a website, deleting personal files, or distributing funds from online accounts. Be aware that some digital assets, like cryptocurrency, require specific legal language in order to be passed on to your beneficiaries.
Having a clear will that outlines the management of your digital assets can prevent legal disputes and ensure that your wishes are carried out. Without these details, your digital estate may become tangled in legal red tape, leaving your loved ones to deal with the consequences.
Final Thoughts
Managing your online assets is just as important as managing your physical estate. By taking the time to create an inventory of your digital accounts, appoint a digital executor, and understand the impact of Canadian privacy laws, you can ensure that your digital legacy is protected.
Including these assets in your will and consulting an estate lawyer will give your loved ones the tools they need to handle your digital presence after your death. Planning ahead not only eases the burden on your family but also ensures your wishes are honored.
