How should an executor handle digital assets like social media accounts or cryptocurrency?

Digital assets are an increasingly important and easily overlooked part of modern estates. They can include online bank and brokerage accounts, cryptocurrency wallets, PayPal or e-commerce accounts, domain names, social media accounts, digital photos, and subscription services.

Ontario does not yet have specific legislation governing executor access to digital assets, which can create practical challenges — many platform terms of service prohibit account sharing, and some platforms have their own procedures for providing access or memorializing accounts. Executors should not assume they can simply take over a digital account as they would a physical asset.

For cryptocurrency, the executor cannot access a wallet without the private key or recovery phrase — without these, the funds can be permanently lost. This is why it is increasingly important for testators to leave secure instructions for their executor about how to find and access digital assets. Executors who discover significant cryptocurrency holdings should consult with a lawyer and a technology specialist familiar with digital asset recovery.