Digital Assets and Estate Planning in Ontario

The Growing Importance of Digital Assets

Digital assets are becoming an increasingly significant component of people's estates in Ontario and across Canada. From cryptocurrency holdings to online investment accounts, digital businesses, and social media accounts with monetization value, digital assets require specific planning that traditional estate planning documents often fail to address.

What Are Digital Assets?

• Financial digital assets: Cryptocurrency (Bitcoin, Ethereum, etc.), online bank accounts, PayPal, Venmo, online investment or trading accounts
• Online business assets: Domain names, websites, e-commerce stores, YouTube channels with monetization, digital products
• Social media accounts: Facebook, Instagram, Twitter/X, TikTok — some with significant followings and commercial value
• Digital collections: NFTs, digital photography, music libraries (iTunes purchases), e-books
• Loyalty points and miles: Air miles, credit card rewards points

The Access Problem

Unlike physical assets, digital assets are often inaccessible to executors without the deceased's passwords and private keys. Many platform Terms of Service also prohibit account transfers to third parties — even family members or executors. Without a proper plan, valuable digital assets may be lost entirely.

Planning Strategies

• Create a digital asset inventory: Document all digital assets, including the platform, username, and location of login credentials. Store this securely (NOT in the will itself, which becomes a public document upon probate).
• Cryptocurrency: Store private keys and seed phrases in a secure, accessible location. Consider using a hardware wallet.
• Password manager: Use a reputable password manager and leave the master password with a trusted person (separate from the will).
• Draft a specific digital assets clause in your will granting your executor explicit authority to access, manage, transfer, or close digital accounts.