Being named an executor is first and foremost, not a privilege. You should hope you never have to administer an estate for many reasons.

• Time consuming – it could take several years.
• Liability risk – they have executor insurance now!
• Dealing with beneficiaries can be difficult - keeping the peace within a family unit while settling an estate has torn more than one family apart.
• Dealing with the various Government departments – you know how much of a headache that can be!

I can go on but I won’t, as it is outside of the scope of this blog post.

I wanted to discuss how digital assets have changed how you should prepare you Will, as well as how it has changed the role of being an executor.

 

I’ll start by defining what a digital asset is and list some examples.

 

Digital Asset can be defined as anything that exists in binary format and comes with the right to use.

 

Some examples of digital assets are:

• Photos
• Music
• Website and domain name
• Video game assets (character, account, items, etc)
• Loyalty reward programs (Optimum, Petro Points, Canadian Tire Money, credit card points, etc)
• Cryptocurrency
• YouTube Channel
• Social Media Accounts
• PayPal balances

When preparing your Will, you should include your digital assets, where to find them, how to access them and what value, if any, they hold. By doing so, will help the executor settle your estate.

 

One of the duties of an executor is to maximize the value of the estate for the beneficiaries. Some digital assets may have sentimental value only, such as family photos or an Excel spreadsheet with your entire family tree.

 

While other digital assets may have monetary value that the executor should realize for the estate they are administering, such as reward programs, YouTube channel royalties or domain names, to name a few.

 

Gone are the days of an executor simply checking the safety deposit box at the local bank and the person’s home for assets. Today they need to scour the internet to determine if there are digital assets, check your smart phone for various reward program apps and complete all the same duties before digital assets came along.

 

Another important role is to close down all digital accounts. Digital accounts will continue on in perpetuity unless something is done about it. We all created that silly email address when we were younger that we no longer use, however that email address is still active and will continue to be unless closed properly. All email address should be closed.

 

Facebook allows a profile page to be turned into a memorial page for friends and loved ones to connect and celebrate the life of the deceased.

 

Twitter, Instagram, SnapChat, etc, should be notified and closed.

 

Perhaps you are part of an online community that you would like to notify when you pass, be sure to include that in your Will, or the very least ensure your executor knows by having a list for them or by communicating your wishes verbally.

 

The world is changing and who knows what is next.

 

If you would like more information on estate planning or the evolving role of an executor, please feel free to contact me.