An estate now consists of more than a home, a bank account and belongings. Think also of cryptocurrency, online investments, domain names, cloud photos and accounts with ongoing subscriptions. Without an overview, relatives may miss value or be unable to access important information.
What belongs to the digital estate?
Some digital assets have financial value, such as crypto, an online shop or a domain name. Others are mainly personally valuable, such as photos, emails and social media. There may also be digital debts or ongoing costs. Relatives' rights differ by platform and contract. The fact that someone used an account does not automatically mean someone else may take it over.
Access is a particular concern with cryptocurrency. If the required keys or recovery details cannot be found, the value may be lost. At the same time, such details should not be placed unsecured in a will or an easily accessible document.
What can you do during life?
Make an overview of platforms, wallets, devices, domain names and important files. Record what should happen to them and who the right contact person is. Store access details securely and separately record how an authorised person can find them after your death. Update the overview regularly. A notary can discuss which wishes belong in a will; practical access details require a secure and changeable storage method.
What should relatives do after death?
Start by inventorying devices, administration, bank statements and known platforms. Do not move or distribute digital value before it is clear who is authorised, which debts exist and how the inheritance has been accepted. Document found balances and values for the inheritance tax return. A specialist can help with tax questions.
The Inheritance Guide includes digital assets in the estate overview and helps relatives avoid overlooking anything.
Would you like to map out your digital estate better? Contact us.