An Executor’s Guide To Dealing With Digital Assets Without A Will

Please welcome Omar Soleman to 21st Century Tech Blog. This is his first contribution to the site. Omar is a writer and provider of digital marketing services to clients that include Search Engine Optimization (SEO), Search Engine Marketing (SEM), Social Media Optimization (SMO), web design and development, link building, outreach, and more. Today he adds to a subject that I recently began thinking about as I considered my digital legacy.

Back in May, I wrote a posting entitled, What Happens to The Digital Me After I Die? Omar provides enlightenment on how these assets and other online content can survive me when I am gone even if not in a will. Before I read Omar’s submission I had not thought of putting my digital assets in the will. Now I will reconsider.

Enjoy the topic and I look forward to readers’ comments.

In today’s world, our belongings go beyond the tangible—extending to digital assets such as online photos, cryptocurrencies like Bitcoin, and non-fungible tokens (NFTs). If not familiar with the latter, NFTs, today include:

• Digital artwork
• Virtual fashion items
• Virtual real estate
• In-game items
• Essays and articles
• Digital collectables
• Domain names
• Tickets and coupons

So what happens when you die without a will detailing the fate of your NFTs and other digital possessions? Executors end up facing the daunting task of managing them amid a tangle of vague legal standards.

In this discussion, we look at the executor’s role in handling our digital legacies.

Understanding What Counts as Digital Assets

Firstly, understanding what constitutes digital assets is vital. We’re talking about anything from online accounts like banking, investments, and social media to digital
content such as eBooks and music.

Each type of asset needs to be handled differently, and not having a will makes this process more complicated.

Legal Steps to Consider

Without a will, U.S. and Canadian intestacy laws typically dictate the distribution of assets. Intestacy laws govern how to distribute an estate when a person dies without a will. With digital assets as opposed to physical ones, plans become complicated because of their intangible nature and strict privacy laws that protect them. That’s why you should seek advice when doing estate planning by consulting digital asset specialists.

Practical Steps for Executors

You will need to navigate a complex process when tasked with managing digital assets without a will. Here are some practical steps to help ensure a thorough and respectful management of digital legacies:

1. Catalogue digital assets. Start by compiling a list of all digital assets, such as online accounts, social media profiles, and digital libraries.
2. Secure access. Work to gain access to these assets. Doing so often involves contacting customer support to reset passwords or authenticate identity using the deceased’s legal documents.
3. Appraise and evaluate. Certain digital assets, like domains or cryptocurrency, might hold substantial value and must be appraised for proper distribution.
4. Liaise with digital service providers. Most digital platforms have specific policies for handling the accounts of deceased users. It’s important to contact these providers to understand their processes for either closing accounts or transferring them.
5. Distribute or delete. Based on legal advice and the policies of each digital platform, determine whether to transfer assets to heirs or delete them if no clear transfer options exist.

It’s essential to consult trusted resources such as firms like Westcoast Wills & Estates and qualified others to navigate this process. Their legal advice can assist you in effectively navigating the digital aspect of estate management.

Challenges Executors May Face

As an executor, you might encounter challenges such as the following when managing digital assets without a will, making the entire process even more complex.

Legal Ambiguity

Digital asset laws are constantly in flux, leaving you needing clarification on their legal standing. Many jurisdictions lack clear guidelines for handling these assets after death, creating a potential legal minefield.

Technical Barriers

Accessing digital assets can be a technically complex process, requiring you to possess skills in how to encrypt data, recover passwords, or navigate various security protocols.

Emotional Strain

Managing a deceased person’s digital footprint often exposes you to deeply personal aspects of their life. This can add an emotional burden to the already challenging task of estate execution, especially if you are close to the deceased.

Privacy Concerns

Digital platforms are governed by strict privacy policies that may prevent you from easily accessing the deceased’s accounts. These policies are designed to protect user privacy, even in death, which can hinder your ability to gather assets.

Time Constraints

The digital world moves quickly, and certain assets like domain names or social media accounts can diminish in value if not managed promptly. You must act swiftly to secure these assets before they are compromised or lost.

Each of these challenges requires careful consideration and a strategic approach. Consider seeking support and advice from professionals when navigating these complexities.

Essential Resources for Effective Estate Management

Managing digital assets without a will can be daunting, but you don’t have to do it alone. There are various resources available to help, from legal advice on navigating complex laws to technical tools for organizing digital assets. Accessing professional services and support can greatly ease the process, ensuring you are well-equipped to handle your responsibilities effectively.

Future Considerations for Digital Estate Management

As technology evolves, managing a digital estate becomes more crucial. Key future considerations include the following:

• Advancement of legacy tools. Development of tools that simplify the management of digital assets.
• Legislative changes. Potential changes in laws to provide clearer guidelines for digital asset management.
• Importance of digital literacy. Increasing need for executors to be digitally literate to navigate future challenges effectively.

Final Thoughts

Managing digital assets without a will requires you to navigate complex landscapes, utilize supportive resources, and stay informed about technological advances. By addressing these challenges comprehensively, you can ensure the thoughtful and effective stewardship of both digital and physical estates.