What Happens to My Digital Assets When I Die?

In today’s digital age, much of our personal and financial lives are stored online. From social media and email accounts to digital banking, cryptocurrency, and cloud storage, our digital assets can hold significant financial or sentimental value. However, knowing what happens to these digital assets after you pass away is not always straightforward.

What Are Digital Assets?
Digital assets include anything stored electronically. Some examples include:

• Social media accounts (e.g., Facebook, Instagram, LinkedIn).

• Email accounts.

• Online banking and investment accounts.

• Digital wallets and cryptocurrency.

• Cloud storage (e.g., Google Drive, Dropbox, iCloud).

• Subscription services (e.g., Netflix, Spotify).

• Business accounts and intellectual property. 

Unlike physical property, digital assets are typically governed by the terms and conditions set by each platform rather than by clear legal frameworks. This can make it challenging for your loved ones to access or manage these assets after you pass away.

Challenges of Managing Digital Assets After Death
Under current Australian law, executors of Wills do not have automatic rights to access and manage digital assets. Each platform or service has its own rules regarding what happens to an account when its owner dies. Some platforms allow accounts to be memorialised, while others may delete or restrict access to accounts, making it difficult for family members to manage or retrieve important information, especially when financial assets are involved.

Incorporating Digital Assets into Your Estate Planning
To ensure that your digital assets are managed according to your wishes, it’s essential to include them in your estate planning. Here are some steps you can take:

1. Create an Inventory – Make a detailed list of your digital assets, including usernames, passwords, and associated accounts. It is imperative that you store this information securely.

2. Review Platform Policies – Check the terms and conditions of the platforms you use to understand what happens to your accounts upon your death. Some platforms have specific policies or tools in place to manage this.

3. Provide Instructions as part of your Estate Planning – Clearly outline your wishes in your Estate Planning regarding how your digital assets should be handled. This may include instructions on closing accounts, transferring ownership, or memorialising them.

4. Use Legacy Tools – Many platforms, like Google and Facebook, offer legacy management tools that allow you to nominate a person to manage your account after you pass away. Ensure these are set up where available.

5. Keep Your Estate Planning Updated – Digital platforms and policies are constantly evolving, so it’s important to regularly update your estate planning to reflect your current digital assets and any changes to platform rules.

Seeking Professional Advice
Managing digital assets after your death can be complicated, and navigating platform policies can feel overwhelming. A qualified estate planning lawyer can help ensure your digital assets are properly documented and protected as part of your estate planning. This can provide peace of mind, knowing that your online legacy will be handled in line with your wishes.

No matter where you are in your estate planning journey, we are here to help you incorporate your digital assets seamlessly. Please don’t hesitate to reach out, we are here to guide you every step of the way.