Digital assets in a will

What digital assets in a will means in Australia

Digital assets have become a frequently discussed part of estate planning. These are online or electronic items of value that you own, such as email accounts, social media profiles, cryptocurrency, online banking access, digital photos, websites, domain names, and subscription services.

When making a will, many people overlook the question of what happens to these online items after they pass away. Unlike physical property, digital assets exist only online and often require specific access details to transfer or close. This is an area people often consider as part of digital estate planning.

In Australia, your will can include instructions for managing your digital assets. This might involve naming a digital executor, a trusted person who can handle your online accounts and information. People can specify what happens to each account, whether that's deletion, memorialisation, or transfer to a family member.

The legal framework for digital assets in Australia is still evolving. However, most states recognise that digital property can form part of your estate. Where clear instructions are not in place, executors may find it harder to access or manage these assets. Some digital platforms have their own policies about account closure after death, which may not align with a person's wishes.

Key points include:

• Digital assets can have significant financial value

• A will can include specific instructions for managing online accounts

• A digital executor is sometimes involved in managing aspects of digital estate planning

• Access details and passwords are often stored by people in a secure but accessible manner

• Different platforms have different rules about account management after death

• Planning ahead is one of a range of matters people sometimes weigh, with outcomes depending on the circumstances

Common situations

You may be thinking about including digital assets in your will if:

• You have cryptocurrency or digital investments that hold value

• You maintain active social media accounts with personal or family memories

• You own a website, blog, or online business

• You subscribe to streaming services, software, or digital content

• You hold domain names or intellectual property online

• You have photos, videos, or digital files stored online that matter to your family

• You use online banking or investment platforms

• You want to ensure someone can access important digital files after your death

Without clear instructions, several problems can arise. Family members may be unable to access accounts to retrieve important documents or photos. Executors might struggle to understand what digital assets exist or how to manage them. Disputes can occur if multiple people believe they should have access to an account.

What to consider

• Have you documented all your digital assets and where they're stored?

• Who should act as your digital executor or have access authority?

• Do you have a secure way to share passwords and access details with your executor?

• Have you checked the terms of service for major accounts to understand what happens after death?

• Should some accounts be deleted, transferred, or memorialised?

• Are there cryptocurrency wallets or digital investments that need special handling?

• Will your executor know about lesser-known or older accounts?

What you can do next and how LawConnect can help

If you're planning to include digital assets in your will, you may wish to:

1. List all your digital accounts and assets, including their value and location

2. Identify which digital accounts contain information or assets that matter to your family

3. Decide whether you want accounts closed, transferred, or memorialised after your death

4. Choose a trusted person to act as your digital executor

5. Document your passwords and access details in a secure location separate from your will

6. Review the terms of service for your major accounts to understand their policies

7. People sometimes look into whether professional guidance on cryptocurrency inheritance or complex digital assets may be relevant.

8. People often discuss their wishes with a digital executor so the executor understands what is intended.

How LawConnect can help

Planning for digital assets in a will can feel complex, especially when account terms and technology change regularly. Many people aren't sure what counts as a digital asset or how to give clear instructions in their will.

LawConnect provides personalised legal information through our AI legal assistant. People can ask questions about their situation and receive general information through the AI legal assistant The AI can help you understand your options for digital estate planning and what steps may be relevant to your situation.

However, only a licensed lawyer can provide legal advice specific to your circumstances. If your digital assets are substantial, complex, or if you're uncertain about the best approach, we can connect you with estate planning lawyers who can provide tailored legal advice and help you draft a will that properly addresses your online property.

Some people who plan ahead for digital assets do so in connection with how their online accounts and information may be managed, with outcomes depending on the circumstances