Digital Assets and Estate Planning: What Families Need to Know

Wills, beneficiaries, physical property, and financial accounts: the basics of what most people think about when it comes to estate planning. But as more of our financial and personal lives exist behind login screens instead of paper files, digital assets that hold real value are often overlooked.

Cloud storage, cryptocurrency wallets, airline miles, online marketplaces, and subscription services have introduced a new planning challenge that many families are not fully prepared for: what happens to those digital accounts after death or incapacity?

Too often, they don’t become part of the conversation until someone else needs to manage them, can’t access them, or doesn’t even know they exist. Let’s get clear on what digital assets include, why access matters, and how to organize information and instructions so others can step in when needed.

What counts as a digital asset today?

A digital estate includes more than just financial accounts. It often spans multiple categories, including:

• Online banking and investment accounts
• Payment platforms and stored balances
• Credit card rewards, airline miles, and loyalty points
• Cryptocurrency and digital wallets
• Email accounts and cloud storage
• Photos, videos, and scanned documents stored online
• Social media and messaging accounts
• Subscriptions and recurring online services
• Online businesses, marketplaces, and monetized channels
• Domain names and digital intellectual property
• Online-only side income and stored value within apps

For many people, these assets are spread across dozens of platforms, each with its own access rules and policies.

Why digital access matters for families

When someone dies or is no longer able to manage their affairs, loved ones are often left trying to piece together information at an already difficult time.

Without clear access details, families may face:

• Delays in paying bills or managing cash flow
• Difficulty locating important documents
• Challenges closing or transferring accounts
• Lost photos, messages, or personal records
• Increased risk of fraud or account misuse

Even when legal documents are in place, digital accounts can be especially difficult to manage if no one knows where they exist or how to access them.

How digital planning fits into a complete wealth transfer plan

Digital assets should not be handled in isolation. They’re part of a broader planning picture that includes:

• Beneficiary designations
• Powers of attorney
• Trusted contacts
• Estate documents
• Instructions for financial and non-financial matters

When these elements work together, families are better equipped to act quickly, clearly, and in line with your wishes.

To help with that coordination, we created a practical resource called Beyond the Will, a wealth transfer checklist designed to help organize key details, documents, and decisions in one place. It is meant to support families in preparing thoroughly and avoiding common gaps that can create stress later.

For a more structured way to ensure nothing important is overlooked, you can download the checklist and work through it alongside your existing planning documents.

Planning is not just about death

Digital estate planning is also important in cases of illness, injury, or temporary incapacity.

If you were unable to manage your affairs for a period of time, would someone know:

• Which accounts need attention
• Which bills are paid automatically
• Where critical documents are stored
• What access they are authorized to have

Addressing these questions ahead of time helps ensure continuity and reduces the likelihood of confusion or mistakes.

A note on tools and services

There are tools and platforms that can help individuals inventory accounts, store information securely, and provide instructions for digital assets. These tools can be useful when used thoughtfully and in coordination with formal estate planning documents.

It can be as simple as maintaining a password-protected spreadsheet stored securely, or using a purpose-built platform such as:

• LastPass or 1Password (password managers that allow secure sharing and emergency access)
• SecureSafe (digital vault for passwords and important documents)
• Everplans (digital estate planning organization platform)

As with any service that stores sensitive information, it is important to consider data security, long-term reliability, and how access is granted to authorized individuals. No tool should replace legal planning, but the right tools can complement it.

Taking a practical next step

Digital assets are easy to accumulate and easy to overlook. Addressing them does not require a perfect system, but it does require intentionality.

By documenting accounts, clarifying access, and coordinating digital details with broader wealth transfer planning, you can make things significantly easier for the people who may one day need to step in.

A clear starting point is the Beyond the Will checklist. You may also consider reaching out to an advisor for a second set of eyes on your estate plan. Taking the time to address these details now can bring clarity, confidence, and continuity when it matters most.

For informational and educational purposes only. The information is not intended to provide specific advice or recommendations, and the information has been obtained from sources believed to be reliable. 

Carnegie Investment Counsel (“Carnegie”) is a registered investment adviser with the Securities and Exchange Commission. Registration as an investment adviser does not imply a certain level of skill or training. For a more detailed discussion about Carnegie’s investment advisory services and fees, please view our Form ADV and Form CRS by visiting: https://adviserinfo.sec.gov/firm/summary/150488.

You may also visit our website at: https://www.carnegieinvest.com.