What must be done regarding digital assets in estate planning in Ontario?

In estate planning in Ontario, it is essential to specifically mention digital assets in a will or estate plan. This is due to the unique characteristics of digital assets, which can include online accounts, digital currencies, social media profiles, and other electronic properties. By explicitly mentioning these assets in the estate plan, the testator ensures that their wishes regarding the management and distribution of these assets are clear and enforceable.

Digital assets can be subject to various terms of service and may not be automatically included in the estate if not appropriately addressed. Many online service providers have policies that dictate what happens to accounts and digital properties upon death, and these policies can vary significantly. Therefore, not addressing them could lead to complications or a complete inability to access or transfer these assets posthumously.

Additionally, treating digital assets as personal belongings does not adequately capture their intricacies in terms of access rights, ownership, and transferability. Hence, recognizing and detailing them specifically in a will or estate plan is crucial for ensuring that they are handled according to the deceased person's intentions.

When these assets are incorporated into the estate plan, it provides a clearer path for the executor to follow, reduces potential disputes among heirs, and highlights the importance of these modern assets in the overall estate.