Estate Planning for Digital Assets and Accounts: What You Need to Know

As the legendary inventor and infomercial icon Ron Popeil once said, “Set it and forget it.” While that philosophy might be perfect for rotisserie chicken, it’s not ideal for estate planning—especially when it comes to your digital assets. Taking a moment to revisit and update your documents can make all the difference.

You might be wondering: What is a digital estate plan and why do I even need to think about? In today’s tech-driven world, our lives are deeply intertwined with digital platforms. A digital estate plan is a strategy for organizing and managing your digital assets like email accounts, social media profiles, online banking, digital currencies, even home utilities to ensure your loved ones can access and handle them after you pass.

A man in Pennsylvania had amassed a small fortune in cryptocurrency—worth several hundred thousand dollars. He stored it in a secure digital wallet, protected by a private key known only to him. Tragically, he passed away unexpectedly, and his family had no idea how to access the wallet. There was no record of the key, no instructions, and no mention of the crypto holdings in his will.

Despite hiring digital forensic experts and reaching out to the wallet provider, the family was unable to recover the funds. The assets were effectively lost forever—locked behind encryption with no way in.

This story isn’t unique. As more people invest in digital assets like crypto, NFTs, online businesses, and cloud-stored intellectual property, the risk of losing access after death becomes very real.

Digital assets are now a crucial component of a comprehensive estate plan.

How Should We Plan?

1. Inventory Your Digital Assets.

Start by listing all your digital assets and how you access them.

This includes:

• • Devices like computers and smartphones 
  • Social media accounts/app subscriptions 
  • Online banking and investment platforms 
  • Utility accounts managed online 
  • Cloud storage services 
  • Digital currencies and wallets 

Store this list securely whether in a password-protected document, encrypted cloud storage, or a physical fireproof safe to protect it from unauthorized access. 

2. Appoint a Digital Executor.

A digital executor is someone you designate to manage your digital assets according to your instructions.

• • Under the Wisconsin Fiduciary Access to Digital Assets Act, fiduciaries are granted legal authority to access digital assets, streamlining the process while respecting privacy. 
  • Choose someone trustworthy and tech-savvy who understands the complexity of your digital footprint. Have a candid conversation with them to confirm they’re willing to take on the role and the responsibilities that come with it. 

3. Clarify Your Wishes.

Decide what you want to happen with each digital asset—whether it’s deletion or memorialization—and document those wishes clearly.

As one example, consider a Facebook account. Permanently deleting an account removes:

• • All posts, photos, comments, and messages 
  • The profile itself from Facebook To request deletion, you'll need: 
  • Proof of death 
  • Proof of authority (e.g., executor documentation, court order) 

Once deleted, the account cannot be recovered. A memorialized account, by contrast, becomes a tribute space where friends and family can share memories. Here's what happens:

• • The word “Remembering” appears next to the person’s name. 
  • Content shared during their lifetime remains visible. 
  • The account is locked—no one can log in. 

A legacy contact (if one was assigned before death) can:

• • Manage tribute posts 
  • Update profile and cover photos 
  • Respond to friend requests 

Anyone can request memorialization, but some platforms may require proof of death (e.g., obituary, death certificate)

Work with your estate planning attorney to formally appoint your digital executor in your will or trust and ensure your instructions are legally binding and up to date.

Conclusion

By proactively planning for your digital legacy, you’re not just protecting your online presence, you’re easing the burden on your loved ones and preserving the integrity of your broader financial and estate strategy.

Digital estate planning isn’t a luxury, it’s a necessity in today’s world.

To learn more about how you can protect your legacy and digital assets, connect with your Johnson Financial Group advisor or find one today.

ABOUT THE AUTHOR

Michael Miller

VP Wealth Advisor | Johnson Financial Group

As Vice President Wealth Advisor, Michael excels in guiding clients to clarify and achieve their financial goals. With a deep passion for solving complex problems, he leverages his extensive background in tax law to craft strategic wealth solutions. Michael provides thoughtful, personalized service, ensuring that each client's unique financial aspirations are met with the highest level of care and support.