Digital Asset Estate Plan / Digital Asset Directions [designed for use alongside our Wills]

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Digital Asset Estate Plan ➲ Digital Asset Types

The following types of Digital Assets are provided by way of example:

  • Academic Account;
  • Affiliate Income;
  • Bank Account;
  • Cloud File Storage Account;
  • Cryptocurrency;
  • Digital Journal;
  • Digital Asset Safe Custody Vault;
  • eCommerce Seller Account (Amazon, eBay, etc.);
  • Email Provider;
  • Entertainment Account (Netflix, AppleTV+);
  • Ethical Will / Legacy Letter;
  • Events and Tickets (eg., Ticketek);
  • iTunes / Google Play Account;
  • Gaming Account;
  • Loyalty Program +/or Membership;
  • Medical Records / Insurance;
  • NFT (Non-Fungible Token);
  • Original Creative Work such as Music, Video, Photographs, Digital Art, Writings, etc.;
  • Password Manager;
  • Payment Gateway Account (eg., PayPal, Square, Finpay);
  • Pet Microchip Online Registry;
  • Private Server;
  • Productivity Service (2Do, Evernote, etc.);
  • Professional or Trade Account;
  • Social Media;
  • Shopping Account;
  • Trade Secret;
  • Trading Exchange (incl. Crypto);
  • Website Control Panel (CPanel);
  • Website Domain Registry;
  • Website Hosting Service; and
  • Others …

What is a Digital Asset Estate Plan / Digital Asset Directions?

Our Digital Asset Estate Plan / Digital Asset Directions form part of your overall Digital Legacy Plan and include the following:

💡 Up to 100 Current Digital Assets (incl. Cryptocurrency, NFT's, Online Accounts, etc.); together with provision for your

💡 Instructions regarding how to locate + access them (i.e., current passwords or where these are stored, and authentication protocols);

💡 Directions regarding what you want done with them (that is, close the account, memorialise the account, make a final social media post stating … etc.);

💡 The option to include Digital Closet Cleanup Instructions;

💡 The option to include Online Memorial Instructions;

💡 Your nomination whether you want to allocate or gift each Digital Asset to a specific Recipient (who could be an individual, company or trustee) to the extent you own it at the date of your death (including their full legal name, relationship to you, occupation, and residential address for identification purposes); and

💡 If the Digital Asset has economic value, then you can provide Secured Debt details (if any) and your instructions regarding whether or not the Recipient (if any) should recieve the Digital Asset free and clear of any debt, or whether the Executor/s will need to have the Recipient confirm that they will assume the debt (if any) before they can take the gift; and

💡 Digitial Steward & Web Developer Details (if applicable).

Specifically Designed to work alongside our Wills

Our Wills have been meticulously designed in consultation with leading Australian estate planning experts to allow you to:

1️⃣  Reduce the need to update your Will for minor changes; and

2️⃣  Greatly assist your Executor in administering your Estate.

In order to achieve this our Wills include the following self-explanatory clause which is designed to create maximum flexibility and reduce the need to create and formally re-execute updated Wills:

Digital Assets

I direct the Executor to deal with my Digital Assets (incl. Cryptocurrency) in accordance with the instructions set out in the last dated list or memorandum signed by me and stored with this Will or amongst my private papers (if any).

Personal Chattels + Funeral Directions

Our Wills also allow for the following to be provided for as separate lists/directions which importantly DO NOT form part of your Will!

List of Allocation of Personal Chattels; and

Funeral Directions.

If you decide to take full advantage of our unique and flexible approach it means that you can update any of the above, as well as your Digital Legacy Plan / Digital Asset Directions at any time, by simply dating + personally signing a revised list/direction (no witnesses required).

Digital Asset Estate Plan / Digital Asset Directions are extremely helpful for Indigenous Australians

A Digital Asset Estate Plan / Digital Asset Directions (used in combination with our Digital Asset Safe Custody Vault) can be extremely helpful to the Executor of the Will of an Indigenous Australian in both protecting + keeping secret customary law matters, and placing limits on the use of the deceased's name, photograph or image after their death.

Potential Global Application

This legal document has the potential to be used globally so long as careful attention is paid to your local legal requirements.

If this legal document is used in Australia in combination with our range of Wills, it has been designed so that it may be completed or updated at any time.

In some legal jurisdictions (eg., California, USA), you will not be able to complete or update this legal document at any time without needing to re-execute your Will.

We recommend you seek legal advice from a local lawyer regarding any specific limitations, as well as any other unknown legal requirements applicable in your local jurisdiction.

Upgrading to our Smarter Digital Asset Estate Plan

For Digital Natives who have known digital all their lives and willingly embrace all digital opportunities at work or play, as well as for the rest of us, the way to take full control of your Digital Asset Estate Plan / Digital Asset Directions by upgrading to our Smarter Digital Asset Estate Plan [Access to the Digital Asset Safe Custody Vault is already available.

We plan to develop a Self-Service / Lawyer-Assisted Process to provide additional assistance with creating your Smarter Digital Asset Estate Plan.

Read our Digital Asset Safe Custody Vault FAQ's for more detailed information.

Contact our legal team to learn more.

The Importance of Fraud + Litigation Prevention Technology

We strongly recommend you instruct us to ensure your key Estate Planning documents are digitally preserved for future authentication using

➲ 💡 Trax Print Fraud + Litigation Prevention Technology [Cost $22 per document].

Taking this proactive step helps prevent fraud + reduces the potential for litigation over your estate for both your physical + Digital Assets.

Contact our legal team to learn more.

Resources:

➲ "Upon my death, delete: how to plan your digital legacy" by Dr. Ritesh Chugh for "The Guardian" on Sun 3 Apr 2022.

Whether you want your information destroyed, stored or memorialised, many tech platforms now offer options for handling users’ data after death

➲ Free curated list of related websites + resources see our Digital Legacy ➲ Smartlist.

➲ Free Online Course - "Your Online Legacy: Social Media After You Die" by Steve Dotto

➲ "The New Uniform Digital Assets Law: Estate Planning + Administration in the Information Age" by Michael D. Walker published Spring 2017 for the American Bar Association

Social Sharing Image: Courtesy of Tim Evans on Unsplash

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This thought-provoking article underscores the often overlooked yet profoundly important aspect of estate planning – the ethical will or legacy letter – adding depth and significance to the process of passing down not just assets, but personal values and wisdom.

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General FAQ

Why do you need a Digital Legacy Plan?

What is a Digital Legacy?

The following definition of Digital Legacy has been extracted from the book * Digital Legacy Plan: A Guide to the Personal and Practical Elements of Your Digital Life

A legacy is anything — material, emotional or digital — that leaves a lasting effect after we pass on.
Many think of this in terms of the material goods typically described in a last Will such as your house, your car, your jewelry, etc.
It's also familiar to think about the emotional legacy we leave in the people who survive us — children, friends, colleagues.
Your legacy is also reflected in your body of work, or the impact you have had on the world around you.
What will you be remembered for?
Digital Legacy is a modern extension of what we leave behind when we pass on.

Why do you need a Digital Legacy Plan?

For entrepreneurs, artists, and other professionals

🧩 Ease of business transition and succession;

🧩 Continuity of important or confidential client or corporate work;

🧩 Transfer of hard-earned social proof and follower trust;

🧩 Preservation of personal or professional reputation;

🧩 Protection of intellectual and creative property;

🧩 Strategy for online revenues or valued marketing and sales system.

For you personally

🤔 You are empowered to determine for yourself your Digital Legacy;

🦜 Leave detailed instructions for the long-term care of your Pet/s;

🧬 Think of what you want to see in your Museum of Me; and

💡 Consider whether you want to leave behind something more meaningful than material goods such as an Ethical Will / Legacy Letter?

Resources:

➲ Free curated list of related websites + resources see our Digital Legacy ➲ Smartlist.

➲ Digital Legacy Plan: A Guide to the Personal and Practical Elements of Your Digital Life before You Die by Angela Crocker and Vicki McLeod [2019].

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

How do I create a Smarter Digital Legacy Plan?

Why it is time for a Smarter Digital Legacy Plan?

✅ A simple and highly secure way to manage, assign + leave your Digital Assets together with your instructions;

✅ Items such as passwords, cryptocurrency, NFT's (Non-Fungible Tokens), messages, important legal documents, your "Museum of Me" + more;

✅ Leave detailed instructions for the long-term care of your Pet/s;

✅ At every stage, we have designed the process to ensure that no data can be accidentally exposed;

✅ Intelligent permissions management: Our legal team will only see data we collaborate on together, or data you want us to see;

✅ Select who amongst your nominated Executor/s, Digital Steward + Confidants can see your Digital Assets now, and/or after you pass away;

✅ Friendly interface; and

✅ Collaborate with us on sensitive matters with ease.

How Does it Work?

No More Envelopes.
No More Spreadsheets.

Until now people have only had a few choices to safeguard + update their Digital Assets.

They could write down all their secrets and passwords on a spreadsheet or on a piece of paper, put a copy in an envelope and simply stick them in the sock draw – or pay for a safe custody lockbox at a bank, and make a trip there every few years to ensure the details are kept as current as possible.

The problem is that others could stumble upon the details, the hard drive could corrupt, the house could burn down, the key to the safe custody lockbox could be lost, and/or due to the difficulty in updating the information it is now out-of-date!

Our Digital Safe Custody Vault is safer, cheaper, more secure + easier to update anytime 24/7.

🔒 All data is triple-encrypted, meaning only you can see it - we can't see your data unless you grant permission!

✅ An easy-to-use web browser interface or downloadable local app to your desktop or laptop (Windows or Mac) means updating passwords or files is simple.

🧩 Perfect backup and Estate Planning solution for all your Digital Assets (including Cryptocurrency).

Social Engineering + Independent Verification + our Legal Team ✅ = Secure Release

Before your Digital Assets are released according to your instructions, unanimous consensus is required from all persons you nominate as your trusted Confidants + Blue Ocean Law Group℠ that you have passed away, as well as an independent analysis of your last login time, devices used and other activity data.

✅ Easy + quick administration with zero chance of important information, such as the location of your current original Will (as well as locating digital copies for added fraud prevention) being unable to be determined/found by your Executor / Digital Steward.

Create + Update your Smarter Digital Legacy Plan at your convenience

✅ We layout the tasks we recommend you complete to create / update your Smarter Digital Legacy Plan.

✅ You complete the tasks at your own pace whenever is convenient for you 24/7;

✅ You will be prompted to make sure everything gets done in a timely manner by automated reminders.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

How secure is the Digital Asset Safe Custody Vault?

Our Digital Asset Safe Custody Vault is Built like Fort Knox!

In a word it is "Bullet-Proof", or in another word "Unhackable"!

Our platform provider The Prepared Company uses end-to-end military-grade encryption, enforces two-factor authentication, and uses social engineering + legal proof prior to triggering release of your Digital Assets.

Our Digital Asset Safe Custody Vault was built by experts who are using it themselves to protect + safeguard their own Digital Assets.

3-levels of encryption to store + read your data

1️⃣ Encryption of all your Digital Assets using your own unique key

Each client has their own unique key created when they sign up – this encryption key is used to encrypt their Digital Assets.

Only your unique encryption key can read or write data for you.

2️⃣ Encryption of your Digital Assets again with an application level key

Once the data enters your account, it is then encrypted again with our Blue Ocean Law Group℠ encryption key.

This means one would now need both your unique user key and our application key to read your data.

3️⃣ Encryption of the stored Digital Assets again with a database key

Once your encrypted data is stored, we encrypt it a third time using a database key.

This effectively puts the key to the Digital Safe Custody Vault – inside the vault.

Mandatory two-factor authentication

Helping You Protect Yourself

At a certain point, cyber security boils down to individuals also embracing safe practices.

While a lot of businesses make these optional – we do not.

✅ We enforce Two-Factor Authentication (which means merely having your username and password is not enough to gain access to your account); and

✅ Routinely check your data against historic 3rd party data breaches and hacks.

✅ We don’t force you to change your password every 6 months, but we do ask you to verify each time a new device is used to log in to your account.

An additional layer of security ➲ Hybrid Storage™ / Hardware Wallet

If your Digital Assets are extremely valuable or sensitive, it is possible to add an additional layer of security by adopting the practice of Hybrid Storage™.

Hybrid Storage™

Hybrid Storage™ involves storing part of a Cryptocurrency / NFT (Non-Fungible Token) Encryption Key or Password digitally, and other parts physically (or vice-versa).

Best practice would suggest that the Encryption Key or Password be divided into at least 4 parts for maximum protection.

The advantage gained by using Hybrid Storage™ is that if either the Physical or Digital Asset Safe Custody Vault are breached by criminals ➲ there is not enough information to take control of / or deal with your Digital Asset.

Additionally, when the concept of Hybrid Storage™ is adopted, it is possible for multiple physical backup copies of the partial Encryption Key or Password to be physically stored (even outside of the Physical Safe Custody Vault) without substantially increasing risk.

Each partial Encryption Key or Password by itself is no good without the other parts of the Encryption Key or Password which would be safely stored in other Physical Safe Custody Vault locations as well as in the Digital Asset Safe Custody Vault.

Hardware Wallet

A less effective, but also much more convenient + simpler solution would be to use a Hardware Wallet and store the location of the Hardware Wallet and its access key within the Digital Asset Safe Custody Vault.

For further information please read our FAQ: How is a Hardware Wallet used to Store Cryptocurrency?

The most appropriate additional security solution will depend on your need for convenience / level of risk tolerance.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

What is an Ethical Will / Legacy Letter?

The Ethical Will: An Ancient Tradition

Ethical Will definition extracted from Wikipedia

An Ethical Will (Hebrew: zava'ah) is a document that passes ethical values from one generation to the next.
Rabbis and Jewish laypeople have continued to write Ethical Wills during the nineteenth and twentieth centuries. (Riemer)
In recent years, the practice has been more widely used by the general public.
In BusinessWeek magazine and in an American Bar Association electronic newsletter it is described as an aid to Estate Planning; (Murphy; Friedman) in health care and hospice (Baines; Freed) and as a spiritual healing tool. (Weil; Freed).

Modern Perspectives

Ethical Wills (also known as a Legacy Letter) are written by both men and women of every age, ethnicity, faith tradition, economic circumstance & educational level.

Published examples include:

📘 The Measure of Our Success: A Letter to My Children and Yours by Marion Wright Edelman,

📘 Everything I Know: Basic Life Rules from a Jewish Mother, and

📘 President Barack Obama's Legacy Letter to his daughters of January 18, 2009.

Basic Concept

The concept of the ancient traditional Ethical Will was to "transmit  love, learning & ethical instructions to future generations".
The Ethical Will is a tool for spiritual healing in religious communities and in the care of seniors, the ailing and the dying.[2]
Estate and financial professionals use the Ethical Will to help clients articulate values to inform charitable and personal financial decisions + preparation of their last will and testament.
The Ethical Will is not a legal document.
Modern heirs may resist being "controlled from the grave" & more readily accept explicitly spiritual blessings from elders.

Bequeathing Smart Strategies

Convey Values, not Valuables

It could be a letter—ranging from half a page to a bound book—or a video recording.

There are no rules governing what goes into an Ethical Will / Legacy Letter, or when the contents should be shared with the heirs, but the idea behind it is simple: Convey values, not valuables.

Deeply rooted in western religions, the practice of writing Ethical Wills has re-emerged as a way of leaving behind something more meaningful than material goods.

The missing piece of Estate Planning

Susan Turnbull, founder and principal of Personal Legacy Advisors, a firm that advocates non-binding personal-legacy documents as a component of estate and philanthropic planning says:

"What struck me was that it was the missing piece of estate planning
A Will is written in formal legalese that is very limited in scope.
It has no personality, and there is no life or warmth in it.
Love and affection and gratitude may be implied by the document, but are never stated.
An Ethical Will takes a 30,000-foot view of your life, and tries to capture the essence of what has been important to you, and the lasting messages you want to leave.
The Ethical Will is written to help other people, for the benefit of the heirs, but the process the author goes through to create it is as valuable as the document itself.
The author has the opportunity to pause and reflect on her/his life in ways she/he might otherwise never do."

What is all this for?

Linda Beerman, Chief Fiduciary & Risk Officer at Atlantic Trust, a private wealth-management firm, and manager of its wealth strategies group, says:

"Ethical Wills are an important part of helping prepare the next generation to become "good stewards" of the family wealth.
Typically these are private expressions of love, of what the owner of the wealth wants it to mean for the next generations.
It's an effort to pass down not just the money, but all of the drivers [of the] creator of the wealth, and what he or she wishes the legacy to be for the family.
The Ethical Will is a great way to tie it all together.
It answers the question: What is this all for?
With nearly every family there is a deeply emotional personal story behind the accumulation of the wealth."

What is typically included?

🧩 Family history + Cultural & Spiritual Values;

🧩 Blessings & Expressions of Love for, Pride in, Hopes & Dreams for Children and Grandchildren;

🧩 Life-Lessons + Wisdom of Life Experience;

🧩 Requests for Forgiveness for Regretted Actions;

🧩 The Rationale for Philanthropic + Personal Financial Decisions;

🧩 Stories about Meaningful Objects for Heirs to Receive;

🧩 Clarification about and Personalisation of Advance Health Directives; and

🧩 Requests for Ways to be Remembered after Death.

Creating your own Ethical Will

Susan Turnbull, offers the following tips:

✅ Start Today

If you were not here tomorrow, what is the most important thing you would not want left unsaid?

It might be a simple as saying, "thank you" in your own words.

Write it down – you've begun.

✅ Relax + Be Yourself

You are not trying to write for the Pulitzer Prize.

What you create is a gift of yourself, made for those you love, not for an imaginary panel passing judgment on your life or your writing.

✅ Ask Yourself the following …

What do I want to make sure my loved ones know and have in writing?

What messages, feelings and information do I want to endure beyond my life?

✅ Treat it as a Work in Progress

Start small and add to it over time if you wish.

It's natural to expect that what seems most important to share might grow and change as you and your audience age.

✅ Be Careful, Be Loving

The reach of your words is unknowable.

✅ Make it easy to update + easy to find

Keep it in an accessible file, so you can add to it effortlessly.

Keep it with your legal papers or refer to where it can be found.

Make sure your words find their intended audience.

Note: Using our Digital Safe Custody Vault will ensure you accomplish these objectives.

✅ Consider sharing it during your lifetime

Even as you know you may augment or change your document over time, think of the rewards of creating a monologue that will promote dialogue.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

What if my Digital Assets are extremely valuable or sensitive?

An additional layer of security ➲ Hybrid Storage™ / Hardware Wallet

If your Digital Assets are extremely valuable or sensitive, it is possible to add an additional layer of security by adopting the practice of Hybrid Storage™.

Hybrid Storage™

Hybrid Storage™ involves storing part of a Cryptocurrency / NFT (Non-Fungible Token) Encryption Key or Password digitally, and other parts physically (or vice-versa).

Best practice would suggest that the Encryption Key or Password be divided into at least 4 parts for maximum protection.

The advantage gained by using Hybrid Storage™ is that if either the Physical or Digital Safe Custody Vault are breached by criminals ➲ there is not enough information to take control of / or deal with your Digital Asset.

Additionally, when the concept of Hybrid Storage™ is adopted, it is possible for multiple physical backup copies of the partial Encryption Key or Password to be physically stored (even outside of the Physical Safe Custody Vault) without substantially increasing risk.

Each partial Encryption Key or Password by itself is no good without the other parts of the Encryption Key or Password which would be safely stored in other Physical Safe Custody Vault locations as well as in the Digital Safe Custody Vault.

Hardware Wallet

A less effective, but also much more convenient + simpler solution would be to use a Hardware Wallet and store the location of the Hardware Wallet and its access key within the Digital Safe Custody Vault.

For further information please read our FAQ: How is a Hardware Wallet used to physically store Cryptocurrency?

The most appropriate additional security solution will depend on your need for convenience / level of risk tolerance.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

What is your Executor's Legal Status Re: Your Digital Assets?

What is your Executor's Legal Status regarding your Digital Assets?

Non-Economic Digital Assets

Unless adequate arrangements are made in advance via Digital Asset Directions / Smarter Digital Legacy Plan, your Executor / Digital Steward may not be able to access your phone, computer, cloud storage or email accounts without the passwords… and knowledge of which two-factor authentication method is used (if applicable).

Even if they have legal permission from an Enduring Power of Attorney +/or your Will!

Economic Digital Assets

Your Executor / Digital Steward may still be able to exert legal access to/control your Digital Assets (in some cases Grant of Probate may be required) assuming they:

1️⃣ Are aware of the existence of your Digital Asset; and

2️⃣ Your Digital Asset has economic value.

Digital Assets that can be converted to fiat currency in the real world have economic value, such as the following:

💰 Online Banking;

💰 Cryptocurrency;

💰 PayPal or Square balances;

💰 Affiliate income;

💰 Website Domain/s;

💰 Trade Secrets;

💰 Influencer (Advertising Revenue Generating) Level Social Media Accounts;

💰 Creative Works - Music, Video, Digital Art, Writings, Photographs, etc.

As part of your Digital Legacy Planning we recommend you also consider whether your Digital Assets:

Generate a revenue stream or have the potential to do so?

❓Are valuable Intellectual Property?

❓Are required for the continuation of your business?

❓Are creative assets, or unreleased or unfinished works?

❓Are items you would like to keep private?

❓Whether your Digital Assets have an associated NFT (a.k.a. Non-Fungible Token)?

To learn more about NFT's we recommend our FAQ: What in the World is an NFT aka Non-Fungible Token and are they really traded on a platform called the OpenSea?

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.