When most people think about writing a will, they focus on tangible assets like homes, cars, jewelry, or bank accounts. But in today’s digital world, a growing portion of our lives exists online. From social media profiles and online banking accounts to cryptocurrency wallets and digital photo libraries, these assets can hold significant financial and sentimental value. Unfortunately, many people overlook digital assets when drafting their wills—leaving families with confusion, legal hurdles, or even lost assets.
Here’s why including digital assets in your will is so important and how our Livingston, MT wills lawyer can help you protect them.
What Are Digital Assets?
Digital assets are any online or electronically stored accounts, files, or property you own. These may include:
- Financial accounts: PayPal, Venmo, cryptocurrency, online stock trading platforms.
- Social media: Facebook, Instagram, LinkedIn, TikTok, and other profiles.
- Email accounts: Often containing sensitive information and personal correspondence.
- Digital media: Photos, videos, music, e-books, and other files stored on cloud platforms.
- Websites and domains: Blogs, e-commerce stores, or online portfolios.
- Reward programs: Airline miles, hotel points, or store loyalty rewards.
Some of these assets hold monetary value, while others carry deep emotional significance for families.
Why Digital Assets Should Be In Your Will
- To Prevent Loss of Value
Without instructions, family members may never access cryptocurrency accounts, digital wallets, or online investment accounts—resulting in permanent financial loss. - To Preserve Memories
Photos, videos, and social media accounts often hold priceless sentimental value. Including them in your estate plan ensures loved ones can access and preserve them. - To Protect Privacy
Your online accounts contain personal and sensitive data. By planning ahead, you can control who gains access and what happens to your digital presence after your death. - To Avoid Legal Barriers
Many online platforms have strict terms of service that prevent unauthorized access. Without proper legal documentation, your heirs may face significant challenges accessing accounts.
How To Include Digital Assets In Your Will
- Make an Inventory
List all your digital assets, including account usernames, email addresses, and the type of asset. Avoid writing down passwords directly in your will (since it becomes a public document). Instead, store them securely in a password manager or digital vault. - Appoint a Digital Executor
A digital executor is someone you trust to manage your online accounts and digital property. Not every state recognizes this role formally, but naming one provides clear direction to your loved ones. - Provide Clear Instructions
Decide what should happen to each asset. Should your Facebook page be memorialized? Should cryptocurrency be transferred to specific heirs? Should a personal blog be taken down or maintained? - Work With a Wills Lawyer
Our wills lawyer ensures your digital asset plan complies with state laws and aligns with the terms of service of online platforms. They can also integrate your digital instructions with your overall estate plan.
In today’s digital age, estate planning isn’t complete without addressing online property. Failing to include digital assets in your will can leave your loved ones struggling with locked accounts, lost funds, or unresolved privacy issues. By inventorying your accounts, naming a digital executor, and working with our experienced wills lawyer, you can protect both the financial and emotional value of your digital legacy.
Planning for digital assets is just as important as planning for physical ones—make sure your will covers both. At Silverman Law Office, PLLC, we are here to help.