Digital Assets

The Time Has Come: Last Wills Must Address Digital Assets

As life becomes increasingly digital, so do our assets. From treasured photos stored in the cloud to crypto currencies, from email accounts to monetized YouTube channels, our lives are woven into the digital world in ways unimaginable just a decade ago. Yet, many Toronto residents overlook these digital assets when planning their estates—risking confusion, financial loss, and even identity theft for their loved ones.

What Are Digital Assets?

Digital assets encompass a broad range of online accounts and electronically stored content, including:

• Personal accounts (email, social media, cloud storage, subscription services)
• Financial accounts (online banking, investment portals, PayPal, crypto currency wallets)
• Business assets (websites, blogs, monetized platforms)

Why Include Digital Assets in Your Will?

The primary reason is access. Without explicit instructions, your Estate Trustee may be locked out of crucial accounts, leading to delays, financial losses, or even fraud. Consider this: In a recent Ontario case, a widow waited nearly five years to access her late husband’s Apple account—a preventable hardship with proper planning.

The Legal Gap in Ontario

Unlike Saskatchewan’s Uniform Access to Digital Assets by Fiduciaries Act (2016), Ontario’s Succession Law Reform Act and federal laws like PIPEDA do not automatically grant Estate Trustees access to digital assets. Without clear authorization, institutions may refuse access, citing privacy laws.

1. Include a Digital Asset Clause in Your Will – Explicitly authorize your Estate Trustee to access, manage, or close digital accounts.
2. Create a Secure Inventory – List all online accounts, usernames, and instructions for accessing passwords (but never include passwords in the will itself).
3. Consider a Digital Executor – Appoint someone tech-savvy to handle these assets efficiently.

Final Thoughts

Toronto residents must modernize their estate plans to reflect today’s digital reality. Your online presence—whether sentimental, financial, or professional—deserves the same careful planning as your physical assets. Act now to ensure your digital legacy is protected.