Protecting Your Digital Assets
In today's digital world, your online presence and digital assets may be worth as much as your physical possessions. Here's how to protect them.
1. What Are Digital Assets?
Digital assets are any online accounts, electronic files, or digital property that have value—whether financial, sentimental, or practical. As our lives become increasingly digital, these assets can represent a significant portion of your estate.
Financial Digital Assets
- • Cryptocurrency (Bitcoin, Ethereum, etc.)
- • NFTs and digital art
- • Online banking and investment accounts
- • PayPal, Afterpay balances
- • Digital business assets
- • Reward points and airline miles
Personal Digital Assets
- • Email accounts (Gmail, Outlook)
- • Social media profiles
- • Cloud storage (photos, documents)
- • Digital music and movie libraries
- • Domain names and websites
- • Gaming accounts and in-game items
The Growing Value
Australians hold an estimated $2+ billion in cryptocurrency alone. Add in digital photos, online accounts, and other digital property, and the digital portion of estates is growing rapidly—yet most Wills don't adequately address them.
2. Cryptocurrency & Digital Currency
Cryptocurrency presents unique challenges for estate planning because of its decentralised nature. Unlike bank accounts, there's no institution that can grant access to your executor.
The Problem: "Not Your Keys, Not Your Crypto"
Cryptocurrency is controlled by private keys—long strings of characters that prove ownership. Without these keys, your crypto is lost forever. There have been cases of millions of dollars in crypto becoming permanently inaccessible because the keys weren't passed on.
How to Plan for Crypto Inheritance
1. Document Your Holdings
- • List all cryptocurrencies you own
- • Note which exchanges or wallets hold them
- • Record approximate values (for estate planning)
2. Secure Your Access Credentials
- • Store seed phrases/private keys securely (NOT in your Will)
- • Consider a hardware wallet for large holdings
- • Use a secure digital vault that allows inheritance
- • Keep backup copies in separate secure locations
3. Mention Crypto in Your Will
- • Reference that you own cryptocurrency
- • Specify who should receive it
- • Direct your executor to your secure storage
- • Consider whether beneficiaries know how to handle crypto
4. Educate Your Executor
- • Ensure they understand basic crypto concepts
- • Provide step-by-step instructions for accessing your holdings
- • Consider appointing a tech-savvy co-executor
Critical Warning
Never put private keys or seed phrases directly in your Will. Wills become public documents after probate. Anyone could see them and steal your crypto. Use a secure, private method instead.
Exchange-Held vs Self-Custody Crypto
Exchange-Held (Coinbase, Binance, etc.)
Executors can contact the exchange with probate documents. Easier to access but relies on the exchange's procedures.
Self-Custody (Hardware/Software Wallet)
More secure, but executors need the private keys. Without them, the crypto is lost forever.
4. Digital Photos & Files
For many people, digital photos are their most precious digital assets. Years of family memories stored in the cloud could be lost if not properly planned for.
Cloud Storage Considerations
- Google Photos/Drive: Use Inactive Account Manager to grant access to a trusted contact after a period of inactivity.
- iCloud: Set up a Legacy Contact in iOS 15.2+ to grant access after death.
- Dropbox: No native inheritance feature—share login credentials securely.
- Microsoft OneDrive: Next of kin can request access with death certificate.
Best Practices
- Keep a local backup on an external hard drive you can bequeath
- Set up platform-specific legacy/inheritance features
- Store access credentials in a secure digital vault
- Tell your executor where to find your digital photo collections
5. Online Accounts & Subscriptions
The average person has 100+ online accounts. Many of these have financial implications or contain valuable data.
Accounts to Consider
Financial
- • Online banking
- • Investment apps
- • PayPal/Stripe
- • Afterpay/Zip
Subscriptions
- • Netflix, Stan, Disney+
- • Spotify, Apple Music
- • Software subscriptions
- • News/magazine subs
Rewards
- • Frequent flyer points
- • Hotel rewards
- • Store loyalty points
- • Cashback accounts
Points Can Be Worth Thousands
Frequent flyer points, hotel rewards, and credit card points can be worth thousands of dollars. Some programs allow transfer to family members upon death—check the terms and document your accounts.
What Your Executor Will Need to Do
- Cancel subscriptions to stop ongoing charges
- Transfer or redeem reward points where possible
- Close accounts you no longer need
- Download important data before closing accounts
6. Password Management
Your executor will need access to your accounts, but storing passwords securely is critical. Here's how to balance access with security.
Option 1: Password Manager with Emergency Access
Many password managers (1Password, LastPass, Bitwarden) offer emergency access features. You can designate a trusted person who can request access—after a waiting period you set.
Option 2: Secure Digital Vault
Services like ezyWill's Digital Vault let you store passwords and credentials securely, with the ability to grant access to deputies (trusted people) under specific conditions.
Option 3: Sealed Letter
A sealed letter kept with your Will containing the master password to your password manager. Less secure than digital options, but simple.
Never Do This
- • Don't put passwords directly in your Will (it's public after probate)
- • Don't use a single password for everything
- • Don't write passwords on sticky notes
- • Don't email passwords to yourself
7. Using a Digital Vault
A digital vault is a secure, encrypted storage solution designed specifically for estate planning. Unlike generic cloud storage, it's built for inheritance.
What to Store in a Digital Vault
- ✓ Cryptocurrency seed phrases/keys
- ✓ Account login credentials
- ✓ Instructions for your executor
- ✓ Important documents (scans)
- ✓ Personal messages to loved ones
- ✓ Funeral wishes
- ✓ Insurance policy details
- ✓ Location of physical documents
ezyWill Digital Vault Features
- Bank-grade encryption – AES-256, the same used by banks
- Deputy access – Trusted people can request access when needed
- Australian hosted – Your data stays in Australia
- Linked to your Will – Integrated with your estate plan
8. Frequently Asked Questions
Can I include cryptocurrency in my Australian Will?
What happens to my social media accounts when I die?
Should I put my passwords in my Will?
Are NFTs and digital art included in my estate?
Secure Your Digital Legacy
Create your Will and store your digital asset information securely in ezyWill's encrypted Digital Vault.
3. Social Media Accounts
Your social media presence may hold significant sentimental value—years of photos, memories, and connections. Each platform handles death differently.
Action Steps