Most people know what they want to happen to their house, savings and personal possessions when they die.
Ask them about their digital assets and you’ll often get a blank look.
The reality is that many of us now own things that exist entirely online. Some are worth money. Some are priceless for completely different reasons.
A few months ago, I spoke to someone whose father had passed away unexpectedly. The family had sorted the funeral, located the Will and started dealing with the estate. Everything seemed straightforward until they realised nobody could access his email account. That single account held information about investments, insurance policies and family photographs stored in the cloud. What should have been a simple administration became a frustrating detective exercise.
Situations like that are becoming increasingly common.
What Are Digital Assets?
A digital asset is anything you own, control or use online.
That can include:
- Email accounts
- Online banking
- Cryptocurrency
- Facebook, Instagram and LinkedIn profiles
- Digital photographs and videos
- Websites and domain names
- Cloud storage accounts
- Online investment platforms
- Reward schemes and loyalty points
- Subscription services
Some people are surprised to learn how much of their life now falls into this category.
Think about it for a moment. How many online accounts do you have? Ten? Twenty? More?
Most of us stop counting long before we reach the true number.
Why Digital Assets Are Often Overlooked
People tend to focus on the obvious assets.
The house.
The car.
The savings account.
Digital assets can feel less tangible, which makes them easier to ignore. Yet they can cause just as many problems if nobody knows they exist.
I’ve seen families spend months trying to locate information because a loved one managed everything online. No paper statements. No filing cabinet. No list of accounts.
Just a laptop protected by a password nobody knows.
Can My Family Access My Online Accounts?
Many people assume the answer is yes.
It often isn’t.
Being someone’s spouse, child or executor does not automatically give you access to their online accounts.
Technology companies have their own rules and procedures. Some will cooperate with executors. Others are far more restrictive.
Facebook, for example, allows accounts to be memorialised. Other providers may require death certificates, probate documents or additional evidence before they will discuss an account.
Even then, access is not guaranteed.
That can leave families stuck at a time when they already have enough on their plate.
What Happens to My Email Account?
Email accounts are often the key to everything else.
Think about how many services are linked to your email address.
Banking.
Utilities.
Online shopping.
Investments.
Insurance policies.
If executors cannot access or identify those accounts, important assets can easily be overlooked.
For that reason alone, email accounts deserve careful consideration as part of your estate planning.
Cryptocurrency Creates a Unique Problem
This is where things become particularly serious.
If you own cryptocurrency and nobody knows about it, those assets could effectively disappear forever.
Unlike a bank, there is usually no customer service department waiting to help recover access.
Lose the wallet details or recovery phrase and the value may be gone permanently.
It doesn’t matter whether the holding is worth a few hundred pounds or hundreds of thousands.
Without the correct information, there may be no way back.
Should Passwords Be Included In A Will?
No.
This is one of the biggest mistakes people make.
A Will should never contain passwords, PIN numbers or security details.
Passwords change. Wills generally don’t.
The better approach is to create a separate record that can be updated as required and stored securely.
That record should tell trusted individuals where important accounts exist and how information can be accessed when the time comes.
Creating A Digital Asset Inventory
This sounds more complicated than it is.
A simple document can make a huge difference.
Include details of:
- Financial accounts
- Cryptocurrency holdings
- Social media profiles
- Websites and domains
- Cloud storage accounts
- Subscription services
You don’t necessarily need to list every password. The goal is to ensure your executors know what exists and where to start looking.
Something is always better than nothing.
Don’t Forget The Sentimental Value
When people think about digital assets, they often focus on money.
That’s understandable.
Yet some of the most valuable digital assets have no financial value at all.
Family photographs.
Videos of children growing up.
Messages from loved ones.
Voice recordings.
Once lost, many of these things can never be replaced.
A modest cloud storage account might contain memories that mean more to a family than any investment portfolio.
Digital Assets Are Now Part Of Modern Estate Planning
The days when estate planning was simply about property and bank accounts are long gone.
Your online life matters. In some cases it may contain more information, more value and more memories than anything stored in your home.
If your family had to deal with your estate tomorrow, would they know where to start looking?
AHJ Wills & Estates helps individuals and families across Sheffield, Rotherham and the surrounding areas put proper plans in place, giving loved ones clarity when they need it most.
To discuss your Will, Lasting Powers of Attorney or wider estate planning requirements, contact our team today.
AHJ Wills & Estates
Great Central, 2 Chatham Street, Sheffield, S3 8FG
0114 553 5416
https://ahjwillsandestates.com/
AHJ Wills & Estates is a specialist Will writing and estate planning firm serving clients across Sheffield and Rotherham.
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