In today’s digital world, we all leave behind more than just physical belongings. From social media accounts to cryptocurrency, our digital assets are part of our legacy — and they deserve just as much attention in our estate planning.
What Are Digital Assets?
There’s no official legal definition, but digital assets go far beyond Bitcoin and NFTs (Non Fungible Tokens). They include:
- Social media accounts (Facebook, Instagram)
- Online gambling accounts
- Loyalty schemes (Nectar, Boots, Clubcard)
- Photos stored on your phone or computer
These assets can have financial value, but many carry sentimental value too — think of treasured family photos or personal messages.
It’s also important to separate the hardware (like your laptop, which is a physical item or “chattel”) from the digital content stored on it. That distinction matters when planning your Will.
What Is Cryptocurrency?
Cryptocurrency is a type of digital money — no coins, no notes, just secure online transactions.
Here’s a simple breakdown:
- Lives online: You can’t hold it in your hand.
- Highly secure: Protected by complex computer codes.
- No banks needed: People send it directly to each other.
- Blockchain-based: Every transaction is recorded in a public digital ledger that can’t be changed.
Popular examples include Bitcoin and Ethereum. Bitcoin started in 2009, and today there are millions of cryptocurrencies out there.
Bitcoin is stored in a digital wallet. To access Bitcoin, you need two digital “keys”:
- A public key (shows where your Bitcoin is stored)
- A private key (like a password to access it)
Lose either one, and your Bitcoin could be lost forever.
Planning Ahead: What Should You Do?
Whether it’s an email account or a crypto wallet, most people will leave behind at least one digital asset. Here’s how to make things easier for your executors:
Create a Digital Assets Log
Keep a list of your digital accounts — including usernames and where they’re stored. Keep it offline, update it regularly, and store it safely at home.
Update Your Will
Talk to your solicitor about adding a specific clause for digital assets. Decide who should inherit them — not just the financial ones, but sentimental items like digital photos too.
Add Legacy Contacts
Some platforms (like Facebook) let you add a legacy contact to manage your account after death. It’s worth checking which accounts offer this.
Write a Letter of Wishes
This is a personal note to guide your executors. It can explain what digital assets you have and how you’d like them handled. It works alongside your Will and can go into more detail, but note that it is not legally binding.
Final Thoughts
Digital assets are part of your story. Planning for them now means your loved ones won’t be left guessing later.
How can we help?
Emma Lewin is a Senior Associate in our expert Wills and Probate team. She advises on Wills, estate administration (including intestate estates), Grants of Probate, Powers of Attorney and Surrogacy Wills.
If you have any questions regarding these topics, please contact Emma or another team member in Derby, Leicester or Nottingham on 0800 024 1976 or via our online enquiry form.
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