In today’s digital world, your usernames and passwords are just as important as your physical assets when it comes to estate planning. Yet, many people overlook them, leaving their loved ones struggling to access vital online accounts after they pass away.
Why Digital Assets Matter in Estate Planning
The law in Ontario and Canada has yet to fully address the complexities of digital assets after death. This legal grey area often leads to confusion, delays, and unexpected costs for your family and estate trustee.
When a person passes away, their family members and estate trustees frequently encounter difficulties gaining control of online accounts, such as banking, social media, and email. Many service providers require a court order before they release any information, a process that can be both expensive and time-consuming.
Key Digital Assets to Consider
Think about all the online accounts you use daily. Some of the most critical digital assets to account for include:
- Social media accounts (Facebook, Apple ID, LinkedIn, etc.)
- Online banking and investment accounts
- Email services (Gmail, Outlook, etc.)
- Software and applications downloaded by the deceased
How to Securely Store Your Digital Information
Managing your digital legacy doesn’t have to be complicated. You can take proactive steps to ensure your estate trustee and loved ones have the necessary information:
- Keep a secure record: Use a password manager or encrypted document to store your usernames and passwords.
- Update regularly: Ensure your list of accounts and login details stays current.
- Include instructions in your estate plan: Work with your estate planning lawyer to outline how you want your digital assets to be handled.
Take Control of Your Digital Legacy
Until laws in Ontario provide clearer guidelines, it’s up to you to ensure your successors have access to the essential information needed to manage your online accounts. If your estate planning lawyer hasn’t raised this topic, be sure to ask about it.
By incorporating digital assets into your estate plan today, you can save your loved ones unnecessary stress and financial burden in the future. Protect your digital legacy—plan ahead.
More information? We’re here to help – [email protected] This WARDS LAWYERS PC publication is for general information only. It is not legal advice, nor is it intended to be. Specific or more information may be necessary before advice could be provided for your particular circumstances.
