What are digital assets in an estate?
Digital assets include cryptocurrency and NFTs, online bank/brokerage/PayPal balances, domain names, monetized social media and YouTube channels, e-commerce stores, cloud-stored photos and documents, loyalty and airline points, and email accounts. Many have real financial value, and some (like crypto) are permanently lost without the access keys.
What happens to my digital assets when I die?
It depends on the asset and the provider's terms of service. Most provinces have adopted or are adopting fiduciary-access rules (based on the Uniform Access to Digital Assets Act) letting an executor manage digital assets, but access still depends on planning and provider terms. Assets secured only by a password or private key that no one else knows can be lost forever, so an up-to-date inventory and access plan is essential.
How do I give my executor access to digital accounts?
Do not put passwords in your will (it becomes a public record in probate). Instead, keep a separate, secure, regularly updated inventory (a password manager or sealed document), name a digital executor where your jurisdiction allows, and use built-in legacy tools like Apple's Legacy Contact, Google's Inactive Account Manager, and Facebook's legacy contact.
Is cryptocurrency taxable in my estate?
Yes. Cryptocurrency is property. In Canada it is subject to the deemed disposition at death, triggering capital gains tax on any accrued gain. Accurate records of cost and holdings are critical for your executor.