Digital Assets

Estate planning has changed over the years and now should include your digital assets and reference to them should be included in your will. Remember not to include too many details (e.g. passwords) as after your death, your will becomes a public document.

 

What is a digital asset? It is any information about you or created by you that exists in electronic form. This information can be stored in:

• hardware (computers, tablets, smart phones, hard drives, flash drives,...)
• cloud (stored on your devices or in the cloud)
• e-mail
• websites
• social media accounts
• PayPal
• Banking (accounts and credit cards)

These assets include both personal and business ones.

 

What steps do you need to take?

1. The first step is to download this form to use as a guide to document all of your digital assets.
2. Then make a list that includes how to access them (where they are as well as passwords). Remember this list changes, so it will need to be updated regularly.
3. Decide what you want done with each item. Should it be disabled (e.g. Facebook); should the assets be distributed (e.g. family photos and the value in your Tim Hortons card); should someone else have access (e.g. bank accounts).
4. Decide who you want to handle these assets on your behalf.
5. Talk to your lawyer. Remember to include instructions in case you are unable to take care of them during your lifetime as well as after your death.
6. Store the information in a secure place.
7. Finally - this information should be reviewed annually as it changes more frequently than physical assets (at least mine do).

Good luck with your planning.

Your Assets (including digital)

 

 

Monetary Assets, Sentimental Assets and Digital Assets   What should you include in your Last Will and Testament and Power of Attorney documents?   For years, you have heard that you need the following documents: Power of Attorney for Personal Care Power of Attorney for Property Last Will and Testament Through the Power of Attorney documents, you grant the ability of a named alternate to make decisions on your behalf should you not be capable of making them while you are alive. Information about these documents can be found on the Government of Ontario website.     Your Last Will and Testament is a written document that sets out your wishes about how your estate should be taken care of and distributed after your death. It takes effect when you die. The Government of Ontario website is a great resource.     Traditionally, Power of Attorney for Property and Last Wills and Testament only dealt with real assets. What if you only do electronic banking or get all of your bills each month as e-bills or you have a Netflix or other monthly electronic subscription?   I don't know about you, but I inherited a box of family photos when my parents died. Most of my photos are stored electronically - either on a hard drive or in the cloud. I also have Facebook, LinkedIn, Twitter accounts, a web site, and many other online footprints.   Can the person that you name as Power of Attorney for Property or Executor of your Will access all of these accounts? Do they have access to all of your Usernames and Passwords? Do they know if you want these accounts closed or maintained?                                                                                                      To ensure that you have the proper documentation, you should consult with an attorney and ensure that all of your documentation is up to date.   For more information, you may want to check out this article on the Manulife web site put together by their Tax, Retirement and Estate Planning Services Group.