Digital Assets & Your Estate: A Practical Consideration for Modern Planning

Our lives have become increasingly digital, same with the assets we leave behind.

From financial holdings to personal records and business interests, digital assets are now an integral part of estate planning, yet they are still frequently overlooked.

In my experience advising individuals, families, and executors, a common challenge arises where digital assets have not been clearly identified or accounted for. Without a structured record, even the most valuable or sentimental assets can become inaccessible.

It is therefore essential that digital assets are expressly considered within a Will. Executors must have clear authority to manage, transfer, or close accounts. This is particularly important given that many digital assets are not “owned” in the traditional sense, but are instead governed by licence terms, which can restrict access upon death.

Cryptocurrency is often the first asset that comes to mind. However, it is not enough to simply refer to such holdings within a Will. Without secure access to private keys or recovery details, these assets can be permanently lost.

Equally, there is a practical aspect that should not be underestimated. Utility accounts, subscriptions, and service providers should be documented to ensure they can be dealt with efficiently. Where this has not been done, it can create unnecessary administrative burden and, in some cases, financial loss.

Emma Aslett

Devices themselves, from mobile phones, laptops, and tablets, may also hold significant personal and professional information. Consideration should be given as to how these can be accessed and managed.

Finally, an individual’s online presence forms part of their wider legacy. Social media accounts, professional profiles, and business websites should be addressed, with clear instructions as to whether they are to be retained, transferred, or closed.

Proactive planning enables Executors to act with clarity and confidence, whilst preserving both financial value and personal legacy. As advisers, it is also an opportunity to support clients in taking a more holistic and forward-thinking approach to estate planning. If this is relevant to your clients or network, I would be very happy to discuss how best to incorporate digital assets into a robust estate plan.

Emma Aslett

Penn Chambers Solicitors

The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.